LV= is offering a 5% discount on income protection policies for the rest of 2010. Mark Jones of LV= says, " People often believe income protection will be more expensive than it is, so this discount is one of many good reasons for you to think about this type of cover."
5 reasons why you should consider income protection:
- We insure our cars, phones, and even our Sky box in case they stop working, but often not ourselves. With over 2.2m people in the UK unable to work due to long-term sickness people are just as prone to breaking and the financial consequences can be much more severe
- It is a lot more likely someone will be off long-term sick than die or suffer a critical illness during working life. Income protection is the one insurance that everyone should have, yet more people have life cover or critical illness cover
- Nearly everyone has long-term financial commitments and income protection provides long-term protection to cover these
- Most people could not survive financially on an income of around £5,000 a year, which is what the state provides for long-term sickness
- It is becoming increasingly hard to qualify for state benefits - and will get harder
LV= paid 90% of income protection claims in 2009. The average yearly benefit was £11,740.3. On average, income protection claims lasted for eight years. Almost half of the claims were for musculo-skeletal and mental disorders including stress and back problems.