Have you thought how your family would cope financially if you were to suffer from an illness or injury and were unable to work? How would the bills, mortgage and day-to-day expenses be paid?
Employers are not obliged to pay extended sick leave and the government illness benefit is minimal.
So, unless you have a large nest egg set aside, you could struggle to cope financially.
Specified Illness Cover pays a lump sum if you suffer from one of a list of specified illnesses covered. This can be used to maintain your standard of living, pay for medical bills and help you cope during a difficult time.
You are four times more likely to suffer from a serious illness like cancer, heart attack or stroke than to die before the age of 65.
This cover can be offered on a standalone basis, or as part of your life cover.
With Income protection, you get replacement income if you are unable to work due to illness or injury up until retirement age.
Income protection provides you with the necessary financial support, so you have the time to focus on getting back on your feet.
Furthermore, with tax relief available on income protection payments, there has never been a better time to get your income protected.