Could you survive without your salary?

Why income protection isn’t a luxury…

Three out of five households don’t have income protection (Your Money 2017). Often this is a financial decision, which in some ways is understandable (considering the high cost of living). Despite this, income protection is cheap compared to many outgoings in life.

The problem is; it’s coupled with the “it’ll never happen to me mentality” and assumes the role of a luxury, like a premium hamper subscription…which it definitely is not.

Whatever the reasons for avoiding income protection, if you’re injured, or fall ill (in a big way) – forcing you to take time off work, there’ll not be another you to earn your keep. Science isn’t there yet – even in light of the recent monkey clones.

We rely on our salaries profoundly

In Maslow’s hierarchy of needs, employment (salary) is placed above the physical (food, shelter…) – this is true. Our physical requirements come first. Fine, if for this paradox: we use money to satisfy even our most fundamental needs.  So, before there’s a trip to the supermarket or the estate agent, there’s a salary.

Think about what else your salary purchases.

Income protection isn’t arranged retroactively

If the worst happens to you, and statistically it’s possible – here’s a few things income protection will help with:

1. Staying on top of debt without an income (mortgage!)
2. A focused recovery from your injury or illness
3. Maintaining the quality of life you’re used to (besides the above)
4. Private medical costs – these may be part of your recovery
5. Reassuring your family – because they’ll be worried
6. Anything that involves money

Persuasive reasons, no?

Occasionally people make comments, such as “I’ve had income protection for years and not used it, what a waste of money.” You’re likely thinking the same as us; an awesomely self-defeating statement. If you take out income protection, and never have to use it… Well that’s great news. Does anyone want to be severely ill or injured?

The moment you need income protection you’ll be relieved you have it, and if you don’t it’ll be, clearly, too late.

Dentist Provident recently launched a series of new income protection policies. Whether you already have a Dentist Provident policy or not, their new services give you more options to choose from.