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I bet you have a number of insurances in place already. Buildings and Contents? Car? Mobile phone? TV? Pet?

But what about the machine that pays for these things, YOU?

According to Aviva, in the UK 20% of people have pet insurance and only 11% have critical illness cover. Income protection is even lower at just 8%!!

This is crazy. I cannot comment on the ins and outs of pet insurance as it is not really my thing. But the fact that we seem more concerned with protecting our pets if they fall ill, then we are ourselves, just seems wrong. Who is going to pay for the pet insurance if you are ill, cannot work and lose your income?

One of the main ways to protect your income, if you fall ill, is to put an income protection policy in place. You can protect up to 50-75% of your gross income with these policies and they can pay all the way up to your retirement age. Income protection policies are fantastic in the fact that you can normally tailor them to match your needs.

Critical illness cover can pay you a tax-free cash lump sum if you are diagnosed with a severe illness that is covered by the insurer. These policies generally cover anywhere from 40 conditions right up to 170! The key thing with these policies is to make sure that you know exactly what you are covered: the conditions that are covered by the insurer and, most importantly, the severity of diagnosis that is required in order for claim to be paid.

Many people choose to put either income protection or critical illness cover in place, but the policies can be complimentary and if you can afford them both, it is certainly worthwhile considering. With either of these policies it is always a good idea to speak with an experienced insurance adviser, who can help you decide if you could benefit from both policy types, just one or neither!

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