According to recent research by Cirencester Friendly*, almost 23% of their claimants are aged 30 or under. This is an eye-opening statistic that highlights the importance of Income Protection for young people. Many of us don't like to think about the possibility of becoming ill or injured, but it's important to be prepared in case the worst does happen.
Why do you need Income Protection?
If you're under 30, you might think that Income Protection is something that only older people need to worry about. But the truth is that accidents and illnesses can strike at any age, and it's important to be prepared. Income Protection can provide a safety net in case you're unable to work due to an illness or injury.
Imagine you're a young professional in your mid-20s, working hard to build your career and save for the future. You're healthy, active, and don't smoke, so you might think that you're unlikely to need Income Protection. But what if you were diagnosed with a serious illness, such as cancer or multiple sclerosis? What if you were injured in an accident and couldn't work for months, or even years?
Sarah's story
This is exactly what happened to Sarah, a 28-year-old non-smoker who works in the IT industry. Sarah was diagnosed with breast cancer last year and had to take six months off work for treatment. She had some savings to fall back on, but they quickly dwindled as she paid for her mortgage and other everyday expenses. Without Income Protection, Sarah would have been in a very difficult financial position.
Thankfully, Sarah had taken out Income Protection a few years ago. This meant that she was able to claim a monthly benefit while she was off work, which helped her cover her bills and maintain her standard of living.
Sarah's story is a powerful reminder that illness and injury can happen to anyone, at any age. Income Protection is a valuable tool for protecting your financial security and giving you peace of mind. If you're under 30, don't assume that you don't need it – take the time to explore your options and find a policy that works for you. You never know when you might need it.
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Source: *https://protectionreporter.co.uk/cirencester-friendly-claims-disclosure-reveals-23-of-claimants-were-aged-30-or-under.html