The Importance of Income Personal Protection Insurance for High Earning Professionals
Income Personal Protection Insurance should be a consideration for all high earning professionals. The importance of having protection against sudden loss of income, due to injury or illness, is to ensure the protection of your standards of living and future.
For high earning professionals, it is likely that the current lifestyles of yourself and your family or dependents, relies heavily on your income. A sudden loss of regular income can result in many negative effects, the impact of which is often greater for high earners.
The reason why high earning professionals in particular, should seriously consider income protection insurance, is that your commitments and outgoings are likely much higher and are therefore reliant on a higher stream of income than what may be available to you without such insurance.
Income Personal Protection Insurance – Considerations for High Earning Professionals
It is important to consider the potential negative effects of loss of earnings for you and your household, should you be unable to work for a period of time due to illness or injury.
Your monthly rental or mortgage payments are no doubt higher than what would be covered through government streams of support for instance. You may not even be eligible for such support due to the amount of savings or your partners income.
Being unable to meet payment commitments for your rent or mortgage could result in the unplanned consumption of your savings or even force you into moving home or being evicted. This disruption and resultant stress can be avoided by ensuring you have suitable protection and contingencies in place.
Similarly, another consideration for high earning professionals is whether your other monthly outgoings can be covered in the event of loss of your regular income. Household bills, memberships, and other monthly costs are possibly high, due to the standard of living you are likely accustomed to, in ordinarily being a high earner.
Other financial commitments may include the settlement of outstanding debts or repayments of credit card, finance agreements or loans.
Income Personal Protection Insurance – Choosing a Policy
By having Income protection insurance, you can ensure that in the unfortunate circumstance of being unable to work for a period of time due to illness or injury, you still receive income on a monthly basis for a pre-agreed amount of time. Having such protection offers you a safety net and peace of mind.
The level of cover you require will depend on your personal needs and an income protection policy is tailored to your requirement. You are able to choose the monthly amount of benefit (up to a maximum limit, depending on your earnings), the length of cover and the point at which the benefit is to be received.
There is a wide range of choice and flexibility when choosing a policy and an array of providers available. Income Protection Insurance is an area that requires expert advice to guide you through the process and to ensure you choose the most suitable policy to give the correct level of protection for you and your family, based on your individual circumstances.
Spectrum FA are experts in the field and highly experienced in helping professionals navigate the range of Income Protection Insurance policies available.
Contact the team today about Income Protection Insurance or arrange your free, no obligation review. You can contact us by email at firstname.lastname@example.org, by phone on 01279 315 013, or you can complete the contact form on the website.