Time to look again at protecting your income?
Time to look again at protecting your income?
The financial turmoil of recent months for much of the UK’s workforce has been, to say the least, very challenging. We’ve had continued inflation increases, rising interest rates, political turmoil, and a drop in mortgage approvals. There could be some stability looming over the horizon but, in real terms, many people have already taken a substantial hit to their disposable income, and perhaps there may be a bit more to come yet before the situation improves.
Mortgage protection life cover commonly sold as a form of protection and could reduce the financial impact in case of the unexpected. But it is not the only protection solution available to UK workers, and people are still in need of a safety net for other aspects of their finances. There’s been recent research on the health and financial fears of UK workers which found that four in ten adults were saving less than £100 a month, with one in seven saving nothing at all. Many clients are struggling to build a ‘rainy day’ fund at all.
Furthermore, in order to save some money, some people will unfortunately already have opted to let their mortgage or income protection policies lapse, this could be a gamble to save on monthly bills at the risk of an unexpected illness or injury if there is no back up plan.
Mortgage protection life and income protection can be taken out at any point,– so if you didn’t consider such a plan when you bought your property, perhaps now could be a good time to revisit these plans? One could argue that every UK worker could benefit from a discussion about income protection. As a product, it is relevant across the housing spectrum, and could also be important to consider even if you don’t have a mortgage, but you rent instead. Everyone who works might need to ensure their financial security and their income.
Although there are provisions from the state when it comes to long term illness – please take a look at the relevant Government website that outlines the qualifying rules and amount of benefit potentially available these days, for Personal Independence Pay – it may be less than you thought. Ask yourself the question, once your employer stops paying you sick pay, if you were on the sick very long term, could you afford to keep your home?
This is where we can review your needs by having a frank discussion with you about your income protection requirements. We can look to work out a budget to suit you, and then tailor a plan to suit your needs.
So, why not give us a call at Adept Private Finance where we will be more than happy to help.
Tel (Mark) – 07973 502949
Tel (Andrew) – 07971 519735
Adept Private Finance is a trading style of I-Property Finance Limited, which is authorised and regulated by the Financial Conduct Authority. Our Financial Register Number is 734423.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE