We came across an article this week in Cover Magazine, that for us sums up perfectly the need for. and the value in taking out income protection insurance
The Insurance group LV= has paid out a total of more than £309,000 on a single income protection claim that has lasted over 35 years.
The policy relates to a woman who having been diagnosed with epilepsy following a brain haemorrhage, has been unable to return to work since 1987 having originally taken out the policy just 16 months before the incident, at the age of 27.
The insurers stated that she will continue to receive pay outs until 2023 when the policy comes to an end.
The company were keen to point out that the claim is an indicator of the “true power” of income protection products, not only does it demonstrate that life changing injuries and conditions can occur at any age, but they can also be long lasting.
By providing professional and relevant advice, their client subsequently protected their income and put index-linked cover in place. The claim which started out at £93 a week, has risen nearly threefold over time, to a current weekly pay out of over £270.
They went on to say that financial and practical support can make a positive difference in times of hardship and reinforces again the real value of sound financial advice.
Our hope is that stories like this will encourage more people to think about what they would do if for whatever reason they were unable to work for an extended period of time.
If you would like to chat to one of our protection specialists at Asset Harbour call today us on 01276 986333 for an informal chat.
Original Article from Cover Magazine