The current pandemic has affected everyone in so many ways. With COVID-19 being such an infectious virus, we are all now having to be so careful. If you develop any of the symptoms, you must follow government guidelines which currently state that you should self isolate for seven days. Anyone who has been in contact with you must then self isolate for fourteen days. Unfortunately for a lot of people, having to self isolate will mean that they will suffer from a loss of earnings.
How can I prepare for a situation like COVID-19?
This sort of situation is thankfully a very rare occurrence. Nobody entered 2020 thinking that we would all be in lockdown, keeping away from our loved ones and washing our hands until they bled. Many people lost their jobs due to the pandemic and subsequent lockdown which has left them struggling. If you are one of those people then you will understand just how hard it has been. Those people who already had income protection before the start of the pandemic will be grateful now.
Income protection is a type of insurance that is especially useful to anyone who is self employed. In case of an accident or an illness, income protection can help ensure that you are able to pay your bills and feed yourself and your family.
What does income protection cover?
Income protection will cover illness and injury. If you are unable to work, then it can replace part of your income. Statutory sick pay is simply not enough to live on and will only be paid for up to 28 weeks. With an income protection insurance policy, you can claim for as long as you are unable to work. This means that you can continue to pay your bills. This would be particularly useful for those who have been affected by the virus and have been unable to get into work.
It doesn’t matter what your occupation is, there is a policy for everyone. Having this policy in place will make you feel more relaxed knowing you will be able to get help if you need it.
