Income Protection

iCraig · 17-09-2009, 17:24

I appear to be in a financial mood today and have a bit of a financial overhaul planned.

Does anybody here have Income Protection? Do you think it's worth it?

There's no plans for me to lose my job (AFAIK!) but currently at work we're completely changing the way we market ourselves and bring in money. Our cash flow needs improvement, and although we're so far coping ok with the recession, it might be prudent to consider the worse case scenario in 12 months time that if we screw our evolving into a leaner, better, more efficient company, that I have some sort of safety net.

I have reasonable savings (for someone my age I think) but I'd hate to eat into them if I lost my job. I'm not ashamed to say I've worked hard the past 5 years to first of all get the job I have, and use it to get a decent flat, fun car, awesome PC, countless gadgets etc. Flogging my treasured possessions and years of saving would be rather depressing if I struggled to find work. Unemployment with young people in the Midlands is rife and I can't ignore the risk that if I did lose my job, I'd be without work for longer than is comfortable.

Am I being paranoid? Is it better in those situations to simply sign on and keep actively looking for work to satisfy the JSA folk?

I'm quite lost with things like this and don't want to have a false economy of paying a monthly premium to something unncessary.

17-09-2009, 17:24	#1
iCraig iCustom User Title Join Date: Jul 2006 Posts: 2,250	Income Protection I appear to be in a financial mood today and have a bit of a financial overhaul planned. Does anybody here have Income Protection? Do you think it's worth it? There's no plans for me to lose my job (AFAIK!) but currently at work we're completely changing the way we market ourselves and bring in money. Our cash flow needs improvement, and although we're so far coping ok with the recession, it might be prudent to consider the worse case scenario in 12 months time that if we screw our evolving into a leaner, better, more efficient company, that I have some sort of safety net. I have reasonable savings (for someone my age I think) but I'd hate to eat into them if I lost my job. I'm not ashamed to say I've worked hard the past 5 years to first of all get the job I have, and use it to get a decent flat, fun car, awesome PC, countless gadgets etc. Flogging my treasured possessions and years of saving would be rather depressing if I struggled to find work. Unemployment with young people in the Midlands is rife and I can't ignore the risk that if I did lose my job, I'd be without work for longer than is comfortable. Am I being paranoid? Is it better in those situations to simply sign on and keep actively looking for work to satisfy the JSA folk? I'm quite lost with things like this and don't want to have a false economy of paying a monthly premium to something unncessary. __________________ Last edited by iCraig; 17-09-2009 at 17:29.