Date published: 7th Aug 2023
Interesting data* has highlighted that although over 50% of married couples rely on both of their incomes to cover the expense of their monthly costs, just 13% have purchased income protection (IP). This leaves a huge number of couples and their families vulnerable to financial shocks.
And don't forget stay at home parents.
In addition, the research cautioned that when applying for protection cover, people tend to focus too much on the breadwinner, overlooking the contribution of stay-at-home parents. With 38% of stay-at-home, parents saying their partner would have to take time off work if they were unable to look after their children due to illness or injury, the impact on household financial resilience could be significant.
Times have changed.
It is vital that people appreciate the potential impact of not having the appropriate cover in place. Having IP means you know you'll always gave money coming in if you were to lose your income for medical reasons (physical or mental, illness of injury). Everyone's circumstances are different, whether you're single, married, children, working or caring, we adopt a tailored approach to protection requirements, get in touch, we can help.
As with all insurance policies, conditions and exclusions will apply.
*LV, 2023