why have a Income Protection Insurance?

Protecting your income is something you can actually do. Unfortunately, a lot of people don't realize that, and most of the people who are aware of it don't feel they need it. Why should they spend money on income protection insurance when they have a good income? That income could disappear, though, and most people don't have enough in savings to sustain them for the long term if they don't have a job. If you have a large amount in savings, you might not need income protection. For most of society, though, income protection cover is the way to go. They'll be safe if they lose their job, and they won't have to worry about losing their car or their home while they hunt for a new place to work.

Of course, an income protection policy won't last forever and it doesn't cover everything. Why and how you lost your job matters a lot, and you can't get paid indefinitely. The policy has a specific term after which it ends. At that point, you won't be able to collect any more income protection, no matter how long you've paid premiums. Keep that in mind when you're purchasing income protection insurance. You need to decide if you really need it, and an insurance agent that you trust can help you make that decision. Make sure you're comfortable with the insurance agent, though, and that you don't think he's just trying to force you into buying something so he can get paid.