Without the benefit of a crystal ball, we’re left to do our best to guess what fate may have in store for us. Whilst we cannot see into the future, there are means of protecting ourselves against the uncertainty and turmoil of long-term illness or injury. Life-changing diagnoses or other significant physical challenges can have devastating effects on the ability to earn money: in the wake of life-altering events, the last thing you want to be worrying about is how to pay the bills or mortgage. We understand these serious concerns at Cherry Godfrey, which is why we offer tailored income protection solutions designed to provide peace of mind to contend with life’s most challenging moments.
What is Income Protection?
Put simply, income protection is a financial safety net, designed to protect you should you be unable to work due to illness or injury. Whereas other forms of insurance provide lump sums or pay-outs, income protection yields a consistent monthly income to cover essential expenses. The benefit of this is that you can retain as much of your normal life as possible: a lifeline in turbulent, confusing times. The continuous financial support afforded by income protection allows you to maintain your lifestyle, pay your mortgage or rent and keep up with other expenditures whilst on the road to recovery.
Why is Income Protection Important?
No one wants to imagine facing a persistent, ongoing illness, and they certainly do not want to think about health issues that could prevent them from working for multiple months or even years. It’s a nightmare scenario, enough to make anyone lose sleep: indefinite periods with mounting financial anxiety holding back the serious business of recovery. After all, bills, mortgage repayments and the general cost of living don’t go away, even when our worlds get turned upside down. Income protection gives you all-important peace of mind and protection against whatever the future may have in store.
Income protection for those in employment
Some employers make short-term sick provisions; however, these will often be quite limited. Once the sick pay provided by your employer comes to an end, you could find yourself struggling to make ends meet. Income protection comes into effect at this point to provide a consistent revenue stream until you can return to work.
Income protection for the self-employed
The financial impact of an illness or injury can be even more catastrophic for the self-employed, as they are solely responsible for generating their income without the buffer of sick pay from an employer. Putting income protection in place is a smart move for self-employed people, as it keeps money flowing in to cover both living expenses and the costs of running a business.
Final Thoughts
As much as we may want to avoid thinking about it, long-term ill health or injury could lie ahead for any of us. Cherry Godfrey’s customisable income protection policies are designed to ease the strain of essential expenses like mortgage or rent during illness or injury to ensure uninterrupted income and financial stability. With various levels of coverage available, our expert advisers help you choose a plan that offers peace of mind without overstretching your budget.
If you would like to speak to a member of our friendly and supportive team about finding the right income protection policy for you, do not hesitate to reach out today submit a call-back request. We’re here to help – and will look forward to speaking with you about the many options that are available.
