When You Protect Your Home, Should You Also Protect Your Income?

Nobody truly knows what’s right around the corner. No matter how much you plan and what you intend, there is always the possibility that a life event will come along and shake everything up, potentially leaving you in an unfortunate circumstance where you need access to funds. Most sensible people invest in insurance to cover their homes, but what about their income? If you find yourself no longer able to work, for example, would you be able to get by? What about your loved ones? Protecting Your Home: A No-Brainer There’s no denying that protecting your home with home insurance is a no-brainer. While home insurance is not a legal requirement, most homeowners make it a priority because it financially protects their assets in the event of a fire or storm. The roof over your head matters a lot, and this type of insurance provides a safety net in case your roof needs repairs. Some people may also invest in contents insurance to protect the possessions they have inside the home. This is especially important for those who own many valuables. Should You Protect Your Income Too? Your home is important, but so is your income. Whether you’re the main breadwinner of the family or otherwise, if you work, you’re bringing in a significant sum that helps run the house. It helps pay for bills, groceries, childcare, transport, and everything else. So – yes, protecting your income matters. There is also the fact that your loved ones may rely on your income. If you get sick or pass away, the last thing you want is for your family to be unable to handle the cost. You want them to be okay, no matter what. If this resonates with you, look into some Reassured online life insurance quotes. There, you can compare plans and choose one that gives your loved ones a lump sum payout after your death. How to Protect Your Income The good news is that there are several ways to protect your income that benefit both you and your loved ones. •  Saving money: Saving money is a long, steady process that you usually need to do for several years before seeing any real progress. It’s essential to do so, though, because those savings could be a blessing in situations where you lose your income, whether for a short while or permanently. •  Check employee benefits: As an employee, you may have access to sick pay or death-in-service payouts. Check whether these apply to you, as they may come in handy if the worst were to happen. •  Get income protection insurance: This is a type of insurance specific to protecting your income. Unlike other types of insurance, it provides regular payments for a certain amount of time, usually covering up to 70% of your income (depending on the plan you choose). •  Get life insurance: Life insurance provides a one-time lump sum to your dependents when you die. While it won’t cover your income in the long run, it can help your family adjust to the absence of your income.