At OVISO, our staff regularly assist clients from a range of different generational, marital and health backgrounds to successfully claim much-needed insurance payouts.
Many people assume that their circumstances render insurance a pointless investment, but no one is immune to the unpredictability of life.
Although life insurance may not be suitable for you, how would you cope if you were off work for months with no regular income? Statutory sick pay is £95.85 per week*, but would this cover your mortgage, rent, bills or food? An income protection policy provides monthly tax-free payments that replace part of your income so that you can focus on getting better without the financial worry.
You may not have a mortgage to pay off, but how would you cope if you were diagnosed with an illness or had an accident that left you unable to work? Relying on your employer’s sick pay could leave you short, and you’re still contracted to pay your rent and utilities every month.
We all like to think we’re invincible, but the truth is that illness and accidents can happen to anyone. Protection is cheaper when you are young, so it is beneficial to take it out sooner rather than later and avoid higher costs later in life.
As your own boss, you won’t be receiving any employer benefits and would have to rely on your savings if something were to happen. A lump sum of critical illness cover, or an IP policy, could help to alleviate the financial strain when you’re unable to work.
If the worst were to happen, would your surviving partner be able to shoulder the loss of your income and keep family life going? Whether you have a mortgage or not, a protection payout would alleviate the financial burden whilst you deal with the death of a loved one.
How long could you cope with the cost of daily life using only your savings? Two months? A few weeks? Savings will only take you so far, and if you were to suffer an illness or accident that left you unable to work for longer than this, how would you manage your costs?
Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income.