My husband joked before doing this post that I needed to add a photo of myself drinking a cup of coffee. If you’ve seen the recent bombardment of insurance commercials on TV – you’ll know what I’m talking about!
I had never considered income protection insurance until recently. When we made the decision to home educate our kids this obviously meant that we were sacrificing the added security of my income. This choice has meant we are now completely dependent on hubby’s income. We believe strongly that for our family it is important that I am home with the kids at this time. We have willingly made the financial sacrifice that goes with that decision but I admit, it does play on my mind that we would be a little, okay a lot, stuck without hubby’s income.
To be honest, income protection insurance would mean the difference between continuing something we feel is in the kids best interest and me being forced to work just to make ends meet. For this reason, discussing this is on the agenda for the new year.It’s something I’d rather not think about but at this stage in our lives it seems important to consider it.
So, what is income protection insurance? It basically pays out a percentage of your salary if you are unable to work. Thankfully, the percentage can be as high as 75% and if you never need it? Awesome – at least you’ve had the peace of mind that it was there just in case. It’s worth considering.
Disclaimer: This post is sourced through Choosi. It’s intent is to provide reference material to allow more informed decision making, but not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.