Income Protection

Income Protection:

Income protection for a stay at home parent

As is the case of income protection in many families throughout the country, one parent will stay at home to look after the house and children while the other becomes the main income provider.

We are all aware of the financial difficulties that would ensue should the main income earner fall ill however, not many people think of the financial impact should the stay at home parent become ill.

Income protection is Vital for the Homemaker

The fact is that the homemaker is a vital cog in the running of the family and home and even though there is no income being generated by the stay at home parent, the financial impact of this person becoming ill is no less than if the main earner was to become ill and be unable to work.In which case income protection is vitally important.

Think of the costs that may suddenly have to be paid in such an event:

-          Medical bills

-          Childcare

-          Cleaners

Often, the main earner will have to reduce the hours they work in order to look after the children’s needs such as getting to and from school,  after school activities, clothes and food shopping and many more besides. In this situation , not alone are there increased expenses but you could find that the family earnings have decreased also.

The good News!

It is Possible to place Income Protection on the Homemaker?

It is possible to put in place an income protection policy that will provide a replacement income for a homemaker should they fall ill.

This income can then be used to cover the essential expenses that have to be paid while the that person try’s to recover.

The amount that can be insured is limited but is designed to provide enough to cover to assist with the sudden financial shock that would undoubtedly occur. That is why income protection should not be over looked.