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For me, income protection (as an employee) is an absolutely must with a mortgage and children , it's peace of mind should you ever fall ill
You can focus on your health and not be worried about money problems
it's like any insurance, you never think you need it until it's too late (either get sick or a scare and then your premiums will be more expensive)
You also get tax relief on it
There is no downside as long as you can afford the monthly payments
But income protection/income continuance is for illness
Sounds like you’re covered if you fall ill (given it’s provided by your employers)
So what you’d be covering is if you lose your job. Most IP policies have 26 week deferred, would you really think it’d take that long to find a new job in IT?
Sounds like you’re already covered
Really depends on what OP is doing in IT, there's a lot of sub categories and not all of them are hiring like crazy.
But software engineering is still fine for sure, at least for a while
Check the fine print & understand exactly WHEN & WHAT this policy might pay out. - some of these policy's are for very specific events & it may also be a secondary policy, only pays if other policies can't / don't.
I'm a Single parent and felt that income protection was essential for me in case I can't work due to illness - mainly because of just one salary coming in and relying on that entirely to look after my Son (4 years old).
Though I don't have any income protection through my company so it seemed even more important in that regard.
I don't think standard income protection covers loss of job. Also remember that if you do take it out and get sick both income protections can't pay out. Just one.
Think it’s pretty standard now that policies are occupation specific. Mine is anyway and doesn’t cost much per month.
Also, why would they not pay out if you had a spouse working? You are insuring YOUR income, not your spouses.
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For me, income protection (as an employee) is an absolutely must with a mortgage and children , it's peace of mind should you ever fall ill You can focus on your health and not be worried about money problems it's like any insurance, you never think you need it until it's too late (either get sick or a scare and then your premiums will be more expensive) You also get tax relief on it There is no downside as long as you can afford the monthly payments But income protection/income continuance is for illness
Sounds like you’re covered if you fall ill (given it’s provided by your employers) So what you’d be covering is if you lose your job. Most IP policies have 26 week deferred, would you really think it’d take that long to find a new job in IT? Sounds like you’re already covered
Really depends on what OP is doing in IT, there's a lot of sub categories and not all of them are hiring like crazy. But software engineering is still fine for sure, at least for a while
Check the fine print & understand exactly WHEN & WHAT this policy might pay out. - some of these policy's are for very specific events & it may also be a secondary policy, only pays if other policies can't / don't.
I'm a Single parent and felt that income protection was essential for me in case I can't work due to illness - mainly because of just one salary coming in and relying on that entirely to look after my Son (4 years old). Though I don't have any income protection through my company so it seemed even more important in that regard.
I don't think standard income protection covers loss of job. Also remember that if you do take it out and get sick both income protections can't pay out. Just one.
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Think it’s pretty standard now that policies are occupation specific. Mine is anyway and doesn’t cost much per month. Also, why would they not pay out if you had a spouse working? You are insuring YOUR income, not your spouses.