Would your income fail if your heath does?
How to guarantee yourself an indexed income for the rest of your working life, even if you never work again!
- Imagine if your income stopped. The need for money doesn’t disappear. Bills remain. Who will pay the mortgage, all the utility bills, food, and car expenses, not to mention holidays, Christmas and birthdays? How would you and possibly your family cope financially?
Each year half a million people are off work for at least six months because of illness or accident. One and a half million in the UK have been unable to work for two years or more. You are 18 times more likely to be off work for six months or more through illness or accident than to die before the age of 65.
For most of us balancing the household budget is difficult enough, even on a full salary as the majority of our income goes on necessities rather than luxuries. You could rely on the £74.80 a week state benefit!
Alternatively you could look to your savings. But why eat into your hard earned savings when there is a much easier way of guaranteeing an income if you are unable to work due to illness or accident.
Doing nothing could mean suffering a salary reduction of up to 75% or even more. If a hole in the wall machine automatically paid you say £1,800 a month you would be mad not to insure against it failing to work. You are that hole in the wall and you are your biggest asset.
- You could protect yourself and your income for as little as 1% of your salary and receive 60-75% of your gross income tax free. So whether you are off work for a week with the flu or suffer a critical illness you could be guaranteed an indexed income until you recover or until retirement.