The value of Income Protection

The importance of Income Protection

Over the last two years, the pandemic taught us that we can no longer take things for granted and illnesses that can stop us from being able to work can happen without warning.

Our adviser Chris Wilson’s client has kindly offered to share her experience of having to claim on her income protection plan and how having this cover in place made a huge difference to her – both emotionally and financially.

Why did you put income protection in place?

I work as a Vet Surgeon, and a large part of my job is manual in terms of working with animals. It can get very stressful at times and this sometimes leads to professionals having to take time off work.

I had broken my arm outside of work when running and was unable to do my job. The sick pay at work was only two weeks full pay then Statutory Sick Pay. As I was renting, this put me in a difficult position as I still had my monthly bills to pay. Luckily, I had a small amount of savings which meant I was able to just survive the 6 weeks I was off. I knew if I was off for something more serious in the future, my financial situation could be very different and knew I had to set something up.

What resulted in you having to claim on your income protection plan?

I had returned to work and was bitten by a cat which is routine in my job, and I never thought much of it at the time. However, after a few days, the joints in my fingers started to stiffen up and so much so that I was unable to do surgery. This led to me being signed off again.

Another week went by and the pain started spreading to other joints in my body. This made me feel very concerned and I was referred to a specialist consultant who said I may have early stages of rheumatoid arthritis.

By having cover in place what difference did this make to you?

Well firstly, I was off work for 6 months in total. Having cover in place meant I did not have to worry about not being able to pay my bills every month. Through my income protection plan, I was also given counseling and physiotherapist sessions at no additional cost – this made a huge difference in terms of my mental health.

I also really appreciated the time you took to guide me through the claims process, and ‘hold my hand’ from start to finish, letting me know what was coming next.

How are things now?

I’m delighted to say I’m back at work, only part-time at the moment as I want to take things easy and not put too much pressure on myself. Following further tests, it was confirmed I do not have rheumatoid arthritis, which is a big relief. I need to monitor things for the future but I’m just so happy I can still do the job I love and worked so hard to get the right qualifications for.

What advice would you give to people reading this?

I had never considered income protection prior to breaking my arm and I’m so glad I set things up. I was only 26 when my health scare happened to me and before this, I had been in relatively good health. Whether you rent or have a mortgage, you will have a lifestyle you like to live, and you should protect that should the worst happen.

 

If you’re interested in finding out more about anything that has been discussed above or if you have any questions relating to Income Protection, get in touch with our Financial Advisor, Chris Wilson, today either by email: CWilson@gilsongrayfinancial.co.uk or phone: 07557 343 588

You can also visit our Financial Services page here.

Newsletter 
Sign up to our News & Insights!