Why would I want Income Protection Insurance?

What would you do if you could not work due to accident or ill health? If you had a reduced income, how would you pay your bills? UK state benefit is only £66.15* per week! * Check State Benefits (www.dwp.gov.uk) to assess your possible income.

What if you fell from a ladder and injured your back and were unable to go to work on Monday? How generous would your employer be or, worse still, what protection would you have if you were self-employed?

Income protection insurance is essential in today's world. No one knows what may happen tomorrow and whether you will be still be working a year from now. One thing's for sure and that is that if you were to lose your income your quality of life would change.

Most of us think that although illness, accidents and Unemployment happens, it will never happen to us. Wrong!

Here are some facts that might make you re-evaluate your need for income protection:

• Nearly two million people of working age will be off work for at least six months at any one time through sickness and disability ¹
• Over 2 million people are currently claiming income support ¹
• 800,000 people are claiming Jobseeker's Allowance ¹
• Over two million people are claiming Incapacity Benefit ¹
• Over two million people are claiming Disability Living Allowance ¹
• One in three people will get cancer in their lifetime ²
• The average UK household spent £406 per week in 2002 on general living expenses ¹
• The average unsecured debt in the UK in 2003 was £4,426 per person ³
• 4,270 properties were taken into possession by mortgage lenders in the first half of 2003 ⁴

Source:
1. National Statistics Online 2004
2. Cancer Research UK
3. Data Monitor
4. Council of Mortgage Lenders