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As a student, you probably aren't thinking much about protecting your income. But what would you do if you suddenly couldn't work because of an illness or injury? Would you be able to support yourself? Would your ability to continue studying be impacted? How would you get by?
Income protection might not be top of your list of priorities, but it's an important consideration if you work and study. Here's why.
If you have to work to support yourself through study, then you should seriously consider income protection.If you become injured or ill, having some kind of income insurance could be the difference between continuing your studies or not. It can provide you with up to 75% of your monthly income, so you can focus on getting better, rather than how you'll pay your bills if you were suddenly unable to work.
It also means that you can continue your studies to help you stay on track for your future career and earning ability without relying on family and friends to help you get by. Better still, income protection means you won't have to resort to fast cash loans with terrible interest rates which could haunt you for a long time.
Yes. In most cases, the younger you get income protection insurance, the cheaper it's going to be. That's because you're less likely to have or develop any health conditions. Here are some ways you can get cheap income protection.
An adviser can help you find cover from trusted life insurance brands.
Weighing up the advantages and disadvantages of income protection insurance may help you decide if it's worth it.
Here are a few income protection insurance options for students worth considering:
If you rely on your income to pay for the bills, whether that includes your tuition fees or not, then you need to consider income protection. Without it as a backup, you put your education at risk. You might never need it, but with all the stresses of maintaining a job while studying, it's nice to know there's one thing you can sort out now.
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