Protecting your income
You can’t have failed to notice that incapacity benefit has hit the headlines recently. Firstly there has been a name change and it is now known as employment support allowance. Kevin Higgins from Advice NI recently told UTV that the changes to the medical assessment has meant a harsher testing procedure. Welfare rights advisers are also commenting that the new testing system is too strict and over complicated.
This news coupled with the fact that many already claiming incapacity benefit will not be deemed eligible under the new criteria is very saddening. Whilst there would be nothing that we in the Financial Services industry can do for those affected now we are advocates of having a back up plan. Do you have something in place already that will provide you with an income or pay your bills should you become unable to work because of accident or illness?
There is a vast array of products out there that can provide a replacement income on either a long or short – term basis. There are variations that can suit everyone’s budget and tailored products for the self employed, taxi-drivers and professionals. There are products available where you don’t have to declare your earnings in order to claim.
More and more of the insurance providers are promoting their income protection products. Aviva caused uproar recently by launching their income protection campaign during primetime Sunday evening viewing. The media backlash about people being upset by Gary’s story whilst watching Downton Abbey was phenomenal. I wonder did the same people stop and consider the message that Aviva were trying to get across? Gary is real a person and it is a true and real life example of how being prepared has helped him on his long journey to recovery.