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Protecting our income should be a major priority for all of us, we work hard to earn it, improve it and preserve it!:

Spending our income however is the easy part, mortgage or rent payments remain a permanent fixture in our bank account. Those with kids are guaranteed an expense that just gets more expensive! The boring cycle of bills, council tax, TV packages, broadband, Christmas, holidays keeps on going and that’s before you had had a chance to enjoy your social life.

Now imagine all the above expenses coming through and NO income, from which to pay these! Which expense do you cancel, which do you ignore and which one do you try to pay?

If are unable to go to work due to illness, you may be one of the lucky ones who gets a good sick pay package from your employers or have a large savings pot. Those who are not fortunate to receive an enhanced sick pay provision from their employer, or have no other financial provision will be left reliant solely on Statutory Sick Pay, which is a meagre £92.05 per week!! With commitments such as mortgage or rent payments this will easily get eaten up, before you have even had a chance to eat!

Having a plan for when you are unable to work due to sickness or accident, is good financial planning. The benefits of an Income Protection policy are simple – you are paid a tax free monthly income, and there is no defined list of illnesses, which is what makes this type of insurance unique.

Income protection is a bespoke and complex insurance product that takes into consideration many factors such as your job, sick pay benefits, income and health. It is imperative to get advice on how best to effect a cover, that may well be your saving grace.

The first and most important of all financial advice is to ensure that you protect your income – your source of livelihood and comfort for your family.