Our personal circumstances can change in the blink of an eye. One day you may be fit and healthy, working toward a rosy future. The following day you might find yourself involved in an accident or suffering from a serious illness. Are you ready for the worst?

We are all happy to spend money on home insurance, travel insurance, insuring our belongings, our cars and our health. But what would you do to pay your bills and feed your family if you couldn’t work due to disability or illness? Statistics indicate that there is a higher chance of becoming disabled during your working years than of dying before reaching the age of 65. But many people stil don’t take out insurance policies that would protect their incomes.

Anybody who works for around 20 hours or more per week should be able to take out an income protection insurance policy at a reasonable cost. These policies are intended to provide you with adequate income in the event that you can no longer earn a living. Income protection, in my opinion, is essential if you are the main bread winner in your house.

A good income protection policy will cover both physical and mental disorders. Some policies don’t cover mental illness or issues with the nervous system. It is recommended that you ensure that your policy protects you from any form of disability that would prevent you from doing your work and earning a living. Ideally, your income protection policy should support you if you are able to return to work on a part time basis.

Something else to consider with regard to income protection is what will happen if you change your job or employment. Its worth ensuring that your policy will accommodate changes in your career or employment.

Everybody thinks that the worst will not happen to them but 27,000 people each year leave employment due to ill health or injury and never return. Make sure that your family are secure in the event that you can’t work any more.