No-one can predict if, or when, they may require extended time off work because of a physical or mental health condition, but you can control how well prepared you are if it does happen.
The insurance industry is full of jargon that often appears to be part of a secret underground language, designed to confuse and bewilder. Money week is an excellent platform to reveal part of the secret code which makes up many Income protection policies. Prepare to have the magician’s cloak pulled aside and be amazed at how simple it really is.
When asked if they have life insurance, most people immediately think about the traditional death cover – you know, the type that pays a cash lump sum to your dependants when you die. But there are other types of “life insurance” that can assist you when illness or injury impacts your ability to earn an income.
“You’re not allowed to buy a car until you can afford insurance”. That’s the message drilled into most young adults who are looking to buy their first car. Some parents can be quite adamant that until insurance cover is purchased there will be no way their pride and joy is driving their pride and joy on any public roads. The financial risks are just too great.