Interesting data has highlighted that although over 50% of married
couples rely on both their incomes to cover the expense of their monthly
costs, just 13% have purchased income protection (IP). This leaves a
huge number of couples and their families vulnerable to financial
shocks.

And don’t forget stay-at-home parents

In addition, the research cautioned that when applying for protection cover,
people tend to focus too much on the breadwinner, overlooking the contribution
of stay-at-home parents. With 28% of stay-at-home parents saying their partner
would have to take time off work if they were unable to look after their children
due to illness or injury, the impact on household financial resilience could be
significant.

Times have changed

It is vital that people appreciate the potential impact of not having the
appropriate cover in place. Having IP means you know you’ll always have money
coming in if you were to lose your income for medical reasons (physical or
mental, illness or injury). Everyone’s circumstances are different, whether you’re
single, married, children, no children, working or caring, we adopt a tailored
approach to protection requirements, get in touch, we can help.

As with all insurance policies, conditions and exclusions will apply

LV, 2023