You may well be reading the title of this article and wondering what on earth is going on. That is pretty much what I thought when opening my email to the latest Income Protection infographic from LV.
LV have produced an infographic with some rather interesting points as to how people tend to ignore Income Protection insurance despite how worthwhile it can be.
Here are a few titbits for consideration:
The purpose of an Income Protection policy is to provide replacement income in the event that you are unable to work due to long-term disability, sickness or injury. Depending upon the level of Income Protection that you opt for, this income replacement could last anywhere from 2 years up to your anticipated retirement age.
An Income Protection policy with LV does not need to cost much. A 30 year old non-smoker working in an administrative position looking for an income replacement of £1,500 per month, with a 3 month deferment period and a full payout until age 65, could source a Liverpool Victoria Income Protection policy from as little as £29.45 per month.**
Wonder what else you could get for £30 per month:
An Income Protection policy may be accepted with a higher premium or exclusions to the policy claims set, dependent upon your medical history. If you are unsure as to how your personal circumstances may impact upon your Income Protection application, it is always worthwhile speaking with an approved insurance adviser who can guide you the process. Please feel free to speak with one of our advisers on 0800 567 7450 for a no obligation quotation.
We use a range of providers whose products may be more suitable for your needs.
* Source: www.lv.com - infographic
** Prices true as of 9 September 2015.
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