Worries about loss of income plague 1 in 4
In a recent study commissioned by Aviva, lost income as a result of illness, injury or death is a key concern for the majority of Irish workers.In a recent study commissioned by Aviva, lost income as a result of illness, injury or death is a key concern for the majority of Irish workers.The study found we’re more likely to insure our pets and techno bits than we are to insure our income.
Despite this, 85% of us still worry about losing our income due to illness, injury or death and a whopping 22% of the population have found themselves in this situation, forcing a third into debt and another third to leave their homes.
Aviva’s research uncovered a number of other startling facts including:
• More than a third of people worry about loss of income due to illness, injury or death at least once a month, while 13% worry about it daily
• More than half of the people surveyed said they worried mental illness might prevent them from working
• Only 6% of people surveyed held income protection insurance, with 70% of those people responding they bought it themselves, while a quarter said the cover comprised part of their employment package.
• 62% of people said they would rely on social welfare in the event of an illness or injury that prevented them from earning an income, while another 25% said they would rely on their savings, despite the average household savings amounting to less than €6,000 annually.
If you are among those surveyed who worries about losing their biggest asset – the ability to earn money – it is time to speak to a financial advisor about your income protection options. While the State disability benefit of €193.00 (increasing by €5 in March 2018) a week may well be one of them, is it enough to cover all your bills and household repayments? Would it be enough to cover your family’s needs – from uniforms and books to birthday parties, swimming lessons and doctor’s fees?
Speak to Hennelly Finance today to start 2018 afresh and banish those niggling worries with an income protection plan that suits you. Get in touch with us via our website or call us on 091 670 123.