For quite sometime now, there is a raging debate about the wisdom in paying money to protect their income. But a lot of those who know about the importance of investing to protect their income fired back by pointing out the fact that the critics will sheath their swords when they discover the areas income protection cover.
And when you think about the fact that no one is guaranteed a perfect health, it becomes even clearer why income protection is very imperative.
It is not a mean feat being responsible for a sizable number of people, but with a full time job many people should not find this to be a problem as they can easily pay up their bills, and for such folks, the whole world is their oyster.
But what happen when disaster strikes in the form of a sudden illness or fatal injury that will prevent you from working for a long time? What happen to your dependents? Who is going to foot the household bills? What about mortgage payments? The questions will just keeping coming and so will the anxiety keep on mounting.
It is very glaring that someone without a well planned contingency program (read this to mean income protection) will never find a way out of this kind of problem and it is often the beginning of the journey into bankruptcy for many people.
Only a form of income protection scheme can prevent the disastrous picture painted above. Such scheme provides a sort of safety net for folks who for some reasons are temporarily disabled and so cannot work. An income protection plan will basically ensure that people like this never lack financially till the time they get back to work.
This is the reason why some school of thought said, and rightly too, that income protection plans are analogous to health insurance schemes.
People who scoff at this noble plan are therefore advised to do a rethink because if it happens that some of them becoming suddenly stripped away from their source of income, it is not only them that will suffer financially, their dependents will also be scathed too.
Even though it is quite possible to recover from a financial catastrophe, but the road that leads to it is paved with a lot of hardship and only the extremely patient people will reach the final destination. And the sad aspect of this is no one knows when the journey will be completed, it could take just a few months or it could be several years!
In conclusion, it is recommended that if you are yet to have an income protection plan, you should consider having one right away. The plan costs little compared to the enormous financial security it will guaranty.