05/09/2019
Why do we need INCOME PROTECTION? We know for a fact plans and dreams are built on the POTENTIAL INCOME which we will earn over our lifetime. 🙌🏻 Losing this ABILITY TO EARN and BUILD INCOME could be a financial headache because if you take a moment to think about it, the money you earn pays for almost everything you have from personal loans, education, mortage and so on..
Now there are two potential reasons why a person can lose income:
1. Loss of Employment/Economic Downturn
2. Loss of Income due to Bad Health
If a person loses his/her job on average they can get a job within 6-9 months, even if not at the same level, maybe with a 20-30% pay cut, hence it has been a recommendation to always hold liquidity to cover expenses for 6 months as a buffer.
But, if a person falls sick or gets disabled it would immediately put a STOP to income. 😱
Now the QUESTION usually asked is... well all my expenses for treatment would be covered by my Medical Insurance... Reality: Medical Insurance (individually purchased or by the company or government) would usually pay bills related to the treatment; but what about the daily expenses? 🤔
The family would still have to cover mortgage payments, education fees of the kids, might need to change lifestyle and or the house, other expenses like car loans.
Hence, Income Protection... Ensuring the family continues to get the INCOME which the family would require in the event a person falls ill to be able to meet the financial commitments and to continue living the same lifestyle.
Please share with anyone you believe may benefit from this information. 💯
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