INSIP021 Income protection insurance: Is it still worth the premiums? (653 words)

Not sure whether income protection insurance is a vital safety net for you, or just a cost burden you can do without? This article will help you decide.

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Income protection insurance is a financial tool that’s essential for some people, ‘nice to have’ for others, and possibly quite unnecessary for a third group. In other words, there’s no one-size-fits-all answer to whether the premium cost justifies the risk. It depends on your circumstances, so it’s worth examining what the cover provides and the factors that should influence your decision-making.

What is income protection insurance?

Income protection insurance is meant to replace your income, based on your annual earnings in the year before a serious illness or injury that prevents you from working. It can pay up to 90% of your pre-tax income for the first six months of your disability and up to 70% for a further period.