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5 Ways Having Income Protection Will Benefit You and Your Family

>> Feb 10, 2012

It is a sobering fact that for most people to live comfortable lives, they must have a steady income that can be sustained over a long period of time. Without this income, a person’s standard of living declines rapidly, making getting by particularly hard. This is why many people are getting income protection insurance, as becoming sick or injured during the crucial working years of your life can be very damaging for your financial future. If you ever encounter a serious health problem, income insurance can support you and your family, and the benefits are more than just having food on the table. Here are a few examples of why it's good to have income protection.

To Keep the Family Business

If you and your family have worked hard to run a successful business, having income protection insurance will help you keep it. If you aren’t able to work, your business could fail, meaning not only losing your salary, but your hard-earned business as well. Having your income protected might just save you from losing it all, so if your salary is the lynch pin in your family business, make sure it’s protected. Check out income protection quotes online to find out how you can protect your family’s finances.

To Avoid Bankruptcy

In this day and age, most of us live pay cheque to pay cheque and have debts that require continual attention, such mortgages, business loans, personal loans, and the list goes on. Any change in the pace that these debts are paid off can alert creditors and cause them to take action for their money. If this happens, not only can your cash flow be cut off, but also existing debts can then cripple you to the point of bankruptcy. Income protection will keep this from happening to you and your family, and will make it much easier for you to financially pick up where you left off when you are able to start work again.

To Keep the Family Together

In the situation where only one of the parents is making money, income protection may be necessary to keep the family together. When the working parent can't work because of sickness or injury, the other parent may be forced to take the kids to live with other family for a while. This situation can be devastating for a family unit, especially the children, so it's important to prevent this from happening.

To Avoid Depression

Not being able to work is bad enough, but it hurts the most when it has been forced on you because of something beyond your control such health problems. People in this situation who don't have income protection run an extremely high risk of becoming depressed, especially when they feel like they can't support their families anymore.

To Keep the Family Home

In times of a financial crisis, often the first thing to go is the roof over your head. It happens all too often that people lose their family home and are forced to downsize just because they became injured or sick. If you have income protection insurance you will still have your income coming in, so you won’t have to worry about losing anything.

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