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Income Protection

Why insure your income? The obvious answer is to ensure you still have an income were you unfortunately injured and/or sick. Unlike car insurance, income protection isn't imposed upon us as a legal requirement, but I would argue, were you accidently injured at work, thus there is a risk to your income, insuring that income is equally, perhaps more important. But income protection is another insurance policy that, in my view, is exploitive. One reason I state this is every income protection policy I have come across has clauses excluding common injuries such as back injury, which the insurance company will claim is because back injury is so hard to diagnose. It is a reasonable argument, but what if you have been paying out on a policy, investing your hard earned money, and you accidently, but genuinely injure your back only to discover your policy doesn't cover you in this particular instance? An insurance policy that doesn't cover every contingency is almost worse than useless if it fails to pay up when you need it after investing heavily in it...The profits insurance companies make are grossly inflated, especially when you consider their customers are paying for a service they hope to never have to make use of. It is truly a strange business to be in.

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Contact the Tim Rees at email: tim@lifeisart.co.uk