Honest Mum working

Sponsored campaign with LifeSearch.

Turning 40 on Monday (say what?) has meant facing up to the fact I’m an adult now *cry. I might still feel 16 up there *taps head with hand, but I’ve started to finally get all of my ducks in a row when it comes to adulting and took out Life Insurance recently (something LifeSearch sought the best deal for me on, and arranged which I pay monthly) and now it’s time to seek out Income Protection.

Income Protection is an underappreciated and misunderstood insurance which requires greater clarity as it’s a vital policy for all your mumbosses and mum employees (and Dads) which will provide you with peace of mind when it comes to sickness, critical illness and any mental health issues, and it covers those self employed and otherwise.

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First up, who are LifeSearch? 

Since 1998, LifeSearch have protected hundreds of thousands of UK families from the financial fallout of catastrophe, critical illness and death.

Over 21 years, LifeSearch has grown into the UK’s biggest life insurance broker, offering expert, independent advice to customers around life insurance, critical illness cover, income protection, family income benefit, serious illness cover and business insurance.

LifeSearch are a broker so are therefore not tied to one particular insurance company meaning they can search the market for the best cover at the right price. Different companies have better terms on certain medical histories while others are better for particular occupations. They say that the claim is their product so they would never recommend a policy that didn’t suit your needs.

In two decades, LifeSearch has picked up hundreds of awards for its culture, expertise and customer service. Boasting a TrustPilot score of 4.8 (excellent), the company is ranked number #3 in the Sunday Times’ 2019 list of Best Places to Work.  And it sure is an honour to work and buy from them.

Honest Mum x LifeSearch on Income Protection

So what exactly is Income Protection?

Income Protection is an often overlooked protection product. LifeSearch have always been a champion of this product and when they see a gap in people’s protection they would recommend this product. The product is designed to cover up to 70% of your income if you were unable to work due to sickness or an accident. It’s a vital type of protection for self employed people or those whose work don’t provide adequate sick pay. It’s a product that getting advice on is key therefore calling LifeSearch and speaking to their experts at no cost, is invaluable. Their experts will find you a tailored policy to suit every budget and requirement.

The way income protection works is that you can pick the amount you cover as long as it’s up to 70% of your income, so for e.g. if your salary covered £700 of your essential household bills, you would look for a sum assured of £700. Then, you have to decide how long you would survive without an income if you were sick or had an accident, factoring in sick pay from your employer (you can’t make money by being off sick so can’t receive both)…

So if your company gave you 1 months sick pay and you had 2 months worth of income in savings, you would pick a deferment period of 3 months because you’d be covered yourself for 3 months. If you were off longer than 3 months your policy would start paying out a monthly amount of £700 from then, until you were fit and well enough to go back to work.

Deferment periods impact the price . You can get day 1 which is very expensive as the chances of being off sick and ill for 1 day is greater than 3 or 6 months. The longer the deferment period, the cheaper the policy becomes.

If you were self employed and had 3 months of savings to cover that, then you would equally take a deferment of 3 months. IP means paying your bills and retaining yours/your family’s lifestyle in spite of illness or an accident.

Are you or your partner self employed or an employee? Illness, both physical and mental can affect anyone, and accidents are commonplace as we know, so providing cover for yourself and your family in the event of these problems, is crucial.

LifeSearch had a scaffolder claim and you would assume it was because he had fallen off his scaffold but he’d actually left his handbreak off his car and run over his ankle, poor guy. Having that security meant he didn’t have to suffer more during recovery and whilst not working. His bills were paid and his family were secure.

Do consider covering yourself too.

I’ve stopped being reactive and started planning, and I feel so much better for it.

Find out more:

https://www.lifesearch.com/Types-Of-Cover/Income-Protection

This is a paid campaign but as always, my words are honest.

 

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