For many people, the ongoing turmoil around Brexit is causing concern about how secure their jobs are, particularly those in the City where the economy is more sensitive to geo-politics.
Whilst many employers are legally bound to provide some sort of redundancy package in the worst-case scenario, realistically how long would that last if you had to use it to cover all your outgoings until such times as you found another job?
But there is a way you can potentially sleep a little easier at night, even if things are looking a little uncertain on the work front.
Income protection policies are designed to provide a monthly non-taxable benefit in the event that you are unable to work through sickness or injury, or if you lose your job. Many people don’t realise that whilst it’s possible to put a policy in place to provide cover should you fall seriously ill and become unable to work, it’s also possible to put a policy in place to mitigate for loss of income through unemployment too.
You can decide what level of monthly benefit you would receive, so you may choose to put a plan in place to provide cover for all or part of your income, depending on your needs and your level of monthly committed expenditure. You might decide that you just want to cover the amount you’d need for your mortgage payment. Or perhaps you’d prefer to know that any school or child care fees, as well as any finance agreements, such as your car, would be covered as well as your household bills.
Putting an income protection policy in place is usually quite straightforward, and our expert advisors are here to talk through your individual requirements so that they can make the most suitable recommendation for your needs.
So, if you’re worrying about what the next few months may or may not bring in terms of your current job, why not arrange to have a chat with one of our team?
We promise we won’t mention the ‘B’ word unless you do!