Statistics show that one in four adults have been left financially vulnerable and in debt due to the fallout from the COVID-19 pandemic.
With 14.2 million people now with low savings or erratic earnings, the pandemic has had many thinking about their finances and what they can do to protect themselves during these unprecedented times.
Income protection is designed to pay out a percentage (up to 70%) of your usual gross income to help cover financial commitments if you’re too ill or injured to work.
Income protection insurance can help to cover:
- Mortgage or rental payments
- Bills and utilities
- Childcare costs
- Other daily livings costs
- Outstanding debts (such as credit cards or loans)
Thankfully it’s still possible to take out income protection whilst Coronavirus is still prevalent, but has anything changed?
Keep reading to find out everything you need to know about taking out income protection during the COVID-19 pandemic…