While we may plan for temporary absences from work due to illness, there often comes a time when the health challenges we face become more serious and, regrettably, potentially terminal.Even if we currently enjoy good health, our well-being can change swiftly, and the financial repercussions of a severe illness like cancer can be profound, both emotionally and economically.

Nonetheless, it is feasible to safeguard your financial stability against future health issues, ensuring that if the worst occurs, you and your family can manage ongoing financial obligations such as mortgage payments and medical expenses, without concerns about your ability to work.

Critical Illness and Serious Illness insurance policies offer a lump sum payout upon diagnosis of specific illnesses or severe injury from an accident. Policy terms can vary by provider, so it is essential to comprehend differences, such as the number of covered illnesses, definitions, partial payments, and claims payout ratios.In the event of a diagnosis, funds received from a Critical Illness policy can help sustain your quality of life, settle your mortgage, and, if necessary, cover private healthcare expenses.

While we often prioritize insurance for our cars and homes, we may overlook protecting what funds these necessities: our income.Consider how you would manage expenses if illness or accidental injury prevented you from working. While most employers offer some financial support during such times, this assistance is typically limited. Government benefits aim to provide aid but are unlikely to sustain financial commitments indefinitely.Income protection policies are accessible, tailored solutions that can replace lost earnings due to health issues or accidental injury. They offer affordability and ease of arrangement, providing peace of mind for you and your family.

These policies continue to provide benefits if you return to work in a reduced capacity with a lower salary. Payments are currently tax-free, though future regulations could change this.Income Protection Insurance generally covers up to 70% of your gross salary if you're unable to work due to illness, injury, or in some cases, unemployment. This insurance can address various scenarios and may continue payments for many years, possibly until retirement age.

Hirstwood Mortgages can guide you through options from reputable insurers and help select the appropriate policy. Regardless of your circumstances, making informed choices about income protection can offer invaluable peace of mind.