Income Protection Insurance - What Is It and Do I Need It?

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In the current climate, it’s fair to say that we are all so grateful for our income. The last year or so has been really tough on so many people financially, and we’ve all realised the importance of a roof over our heads and food in the cupboards.

With that in mind, why are so many of us unprotected when it comes to life insurance? And particularly income protection insurance? It makes total sense to insure your income, so that if you are unable to work due to injury or illness, you can continue to keep the bills paid and the family warm and fed.

About income protection insurance

Income protection insurance sits under the umbrella of life insurance. When you take out an income protection policy, you pay monthly to your provider to allow you to claim if you were to become too ill or injured to go to work for a prolonged period of time. Claiming on an income protection policy provides you with a percentage of your salary (usually between 50-70%) and enables you to continue meeting your financial responsibilities.

Income protection insurance is different to your standard life insurance policy as it is designed to pay out whilst you’re still around, rather than upon death. It also differs in that it pays out in regular, manageable chunks as opposed to one large lump sum.

DIY disasters ...and how to avoid them

We’ve all been there. ‘I could do that’, we think to ourselves as we see the achingly expensive plumber do another five minutes on the pipes. However, biting off more than you can chew on the DIY front can leave you forking out more than you might pay a professional contractor.

For those who haven’t learned the hard way, here are some key tips for avoiding a DIY disaster.


Insurance
This is your biggest safety net. It’s definitely worth checking the details of your policy before you dive in hammer first. It may well be worth getting accidental damage cover before you start your project.


Safety first
Make safety your primary concern. Your own safety and that of your family is far more important than whether you finish a job on time. Make sure you read exhaustively the instructions for any tools you haven’t used before and consult a professional if you have any questions.

Be sure to get all the protective gear you need – such as eye protection and gloves – before you start a job.


Know your home
One of the most common DIY disasters is vicarious damage: causing accidental damage to one of the systems in your house while you’re working on another. Make sure you’re certain of key details, like where your water shut off valve is, where you can turn off your electricity and the position of important pipes and wires before you start so you don’t cause any disasters!


Cut costs at your peril
Everyone likes a good deal, and no one likes to pay over the odds for anything. But when it comes to building materials or tools, scrimping and saving can just mean a greater outlay in the end. Stick with really reputable brands and speak to any DIY-keen friends for their recommendations.


Leave it to the professionals
You can’t do everything. Some jobs really are for the professionals. Don’t risk injuring yourself or causing significant damage to your home. Do as much research as possible for any prospective job to see if it’s really DIY-appropriate.

I found these and other helpful tips on the AA’s website when I was looking for deals on contents insurance for my home.

*This is a sponsored guest post*