Protect Your Income With Income Protection Insurance.
There are many different forms of insurance available and we all have policies for many different variations
, but do you have an income protection policy? If you were out of work for any period of time would you be able to run your home? It is important to think about this because the job market isnt great and getting an interview is something to be proud of because so many people are applying for each job vacancy. Once you are out of work it is very difficult to find work again and that means that running the home will be a struggle.
It is important to look and see what you could save money on if you needed too, could you cancel your cable TV? Do you have any memberships you could cancel? Could you make changes to your food shop? You wont realise it but there are many changes you can make which will help you to manage your finances if you were to see a loss in income, these changes are only very small on their own but if you were to put all these changes in place together you will see how much you are able to save each month. When you are out of work you will want to save as much money as possible and by knowing in advance what you can save on you can put those changes into effect right away.
You may not want to get rid of your cable TV but there are now so many free channels available that you dont need to pay for extra TV channels, you never have enough time to watch all of the channels you are paying for. Theres a good chance that you have a gym membership that you are paying 40 or more for each month but that you are not using it, if you are not going to the gym on a regular basis to make it worth paying 40 a month then you should cancel it. The food shop is the once place where you can make a change in the amount you spend, do you need to buy branded produce? Tinned tomatoes, vegetables, and soup can all be bought supermarket branded, you wont notice a difference in taste, milk can also be bought supermarket, as can cereal and biscuit tin biscuits. You can make many changes during your food shop which will save you money but you dont have to reduce the taste in food.
Taking out an income protection policy is very important to ensure that if you are out of work you dont need to worry about your financial commitments. There are many different variations of income protection insurance available, some will allow you to claim on your policy if you are out of work due to an accident or an illness, while others will allow you to claim if you have been made redundant. It is important that you take a look at which policy will suit your best and offer you the protection that you require.
Most income protection policies will allow you to receive a payout which is made to you monthly and is very similar to receiving a wage. The payout will on average be around 65% of your income and is tax free, the payout is then yours to do as you wish but most people treat it as the wage that they have lost. Maintain your financial commitments is very important and by having an income protection insurance in policy in place you will not need to worry about being out of work as you will be able to claim on your policy to provide a backup plan.
by: Harry Reeks
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Protect Your Income With Income Protection Insurance.