Income Protection

What happens to your future if you lose your income?

Feeling a little queasy at the thought of not having an income? Well you're not alone. The financial impacts would be significant for most people and their families. The risk of being unable to work due to illness, injury or redundancy is enough to keep anyone awake at night.

Most of us need to work to pay the bills. The mortgage, credit cards, electric, phone, water, council tax and the rest. Somehow, despite promises made about how computers would give us all lots of leisure, we seem to be working harder and longer hours, while there are no jobs for life. The bills don't stop arriving - even if we are very sick.

Without a regular income, most of us would struggle to get by. If you are ill for a short period, you may be able to cope by dipping into your savings. Employers may pay some sick pay, but it will not be as much as you normally get. If you are self-employed, then no work means no income. Few of us could cope with being off work for 6 or 9 months.

Many people see the need for, and buy life insurance. Perhaps the inevitability of death has that effect. But here's the reality. Between when you start work and when you retire, you are much more likely to be off work for 6 months or more, than die.

Who will pay your bills, contribute to your pension and continue paying your child's school fees if your income stops?

If you cannot afford to be without an income, talk to a qualified Holborn Assets adviser today.