"If you always do, what you've always done, you'll always get, what you've always got".

Income protection

OK, so this has very little to do with marketing your services, but it has everything to do with protecting your businesses long term health.

I visited a local financial advisor last week and he explained income protection to me. Basically, it’s a service that your bank, building society etc, will provide to help you should you become ill and can’t work.

Essentially, you pay a set amount each month to your financial service provider and in the event you become incapacitated they’ll pay you around half of your expected monthly earnings for as long as you can’t work - whether that’s one month, six months, or the remainder of your life. It’s effectively an insurance policy and the older you are, the more your premiums will be - as might be expected.

So if you are a sole trade, or run a small business, have a think about what would happen if you couldn’t work. Can your business afford to hire someone to cover your work, can you personally cover the mortgage payments. If the answer is no, then pick up the phone and talk to your financial advisor or bank immediately.

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October 19, 2006 | Filed Under General, Finance 

comments

One Response to “Income protection”

  1. Titanium Jewellery on October 24th, 2008

    Hi,

    I have read out your income protection policy as well.No doubt it is a big deal for every days life.I really like this post.

    Regards
    Gopal

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