subject: Income Protection Insurance and Middle Age - Do You Still Need It? [print this page] Income Protection Insurance and Middle Age - Do You Still Need It?
Given that income protection cover is usually advised for people who have dependants or large debts, like a mortgage, is it really necessary to keep that income protection cover that you bought decades ago when the world was much busier and your household was very different? A lot of the time, it is. If you're over 55 and still in the workforce, here's why income protection insurance is a smart buy.
Retirement plans
In middle age, you probably have quite a bit of equity in your home, and your mind is turning to all the things you'll be able to do in retirement. An injury or illness has the potential to put a bomb underneath your finances, and put your retirement plans on hold.
Care in old age
As senior citizens, assistance with various aspects of your health is frequently necessary. Having your savings eaten away in middle age by a late injury or illness can compromise your ability to look after yourself in the future.
Can your family care for you?
Many families today have increasing pressure in terms of living space and the cost of housing, the cost of food and living in general. If you develop a health condition that means you'll require regular care and attendance, it may simply not be possible for your family to take care of you, no matter how much they'd like to. If your children and their partners all need to hold down full-time jobs, it may be necessary to pay for expensive in-home care.
Health and aging
Unfortunately, increasing age is a major risk factor for many serious illnesses, including:
Heart disease
Diabetes
Kidney problems
Arthritis
Many types of cancer
Depression
Osteoporosis
Ulcers
Any of these illnesses has the potential to put you off work for quite a while ... and your income protection cover could become a savior during that time!
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