Last Updated on April 15, 2021
Do you think they had income protection insurance? They couldn’t cover their rents, mortgages, car payments, child care, bills, copays, coinsurances, or daily life expenses. But you could! Now, is this type of insurance worth it?
If you want to know if you do really need income protection insurance, ask yourself the following questions: Do I have enough savings? Am I sure that they are sufficient to cover my daily living expenses for an unknown period of time? Can my partner or family support their and my expanses at once? Would I be a burden? Can I survive on government benefits? Are they enough even for the out-of-pocket medical costs? Can I take an early retirement? Do I have a sick pay? Does my employee benefits package last for more than 12 months? If you heard yourself say no many times, then you do need income protection insurance.
