Income protection pays out a monthly payment to you if you find yourself facing a serious illness, a medical condition or have had an accident that leaves you unable to work. The Department of Work and Pensions estimates that the risk of being rendered unable to work is one in seven. Considering the odds, income protection is seen as necessary for many employees. Income protection insurance works by paying out a monthly income to you from an agreed to a set date, paying a maximum of 65% of your previous gross earnings. The idea is to give you a financial cushion for recovery, while still maintaining an incentive to return to work.

Income Protection is a Priority

As reports suggest, there has been a huge increase in stress and anxiety as a result of the credit crunch, with one recent survey suggesting that almost half of the UK could be struggling with insomnia. Stress impacts heavily on our cardiovascular and immune systems leaving us vulnerable to heart problems, cancer and illness. Having income protection is therefore a priority for all employees in Britain during this difficult recession that economists believe will only get worse.

Safeguarding Homes and Families: Income Protection

Income protection is particularly important to homeowners and those who have families. Your home could be at risk if you don't have the appropriate insurance to safeguard you from life's misfortunes. If you don't have income protection, the odds suggest you'd be better off with it. It's worth noting that those who smoke, women and those with a poor medical history tend to pay high premiums for income protection. 

Income Protection Policy Sales Soar

Stress levels are set to soar as unemployment levels are expected to rise drastically in the coming months. As the credit crunch intensifies, it's estimated that the number of unemployed will rise above the two million mark, some analysts believe it could reach three million by Christmas 2009. If you haven't insured your income, if you aren't insured against redundancy or don't have income protection insurance, you are in a precarious position if you are unable to work for whatever reason.

And as the credit crunch worsens, insurance companies are already reporting a marked rise in the sale of policies such as income protection insurance. It reflects that for many people their biggest fear is losing their homes, or falling into devastating debt if they lose their job or are unable to work because of illness or an accident.

Looking for Income Protection? Speak to The Insurance Service

The Insurance Service's ethos is that it strives to provide fair insurance policies in an industry dominated by a small number of major providers and decided to give more choice to those seeking insurance policies. To find out more about the health insurance and income protection policies available from The Insurance Service, just call 0845 053 3404 or fill in the online enquiry form.

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