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What If Your Income Suddenly Stopped?

As you move through the routines of daily life, have you ever paused to think:

What would really happen if my income suddenly stopped?

How much are my monthly living costs?

If the unexpected occurred such as a serious illness or injury, how long would my savings last?

Take a moment to envision this scenario.

Imagine waking up one morning, greeted not by the familiar sounds of your alarm but by the harsh reality that you can no longer work.

A Cautionary Tale

Consider Sarah, a 35-year-old marketing manager who was a beacon of creativity in her company.

She had recently bought her first home and was busy planning her wedding.

Life seemed like a dream until one fateful day, a serious car accident left her with multiple injuries, rendering her unable to work for months.

Initially, Sarah’s thoughts spiralled into panic.

She calculated how long she could sustain her lifestyle with her savings, and the disturbing reality dawned on her: she would run out of funds within three months.

With bills piling up from mortgage payments to grocery expenses and healthcare, anxiety about financial instability left her unable to get a good night's sleep.

For Sarah, there was no fairy-tale resolution.

Stripped of her income, her dreams faded, and the pressure not only impacted her finances but also exacted a heavy toll on her emotional well-being and relationships.

The Reality of Financial Vulnerability

Sarah’s story isn’t an isolated case.

Many individuals who depend on their income to support their households can find themselves in similarly dire situations.

What would happen to you if you found yourself in a comparable scenario?

Fear and confusion would likely reign supreme, leading to tough decisions, strained relationships, and the potential for sinking into debt, and failing to keep up with mortgage payments or rent.

• Living Costs: Rent or mortgage, utility bills, childcare, and transportation, these monthly expenses don’t disappear just because your income does. Have you taken the time to track how much these costs really add up to?
• Savings: If you lost your income tomorrow, would your savings cover six months? A year? How would it feel to watch your savings dwindle while you remain unable to earn?
• Emotional Health: The burden of financial stress is significant. It can lead to anxiety, depression, and the deterioration of cherished relationships, an emotional price you shouldn’t have to pay.

The Solution: Executive Income Protection

Fortunately, there’s a way to shield yourself from these potentially devastating scenarios. Your income pays most living costs, without it, you will struggle.

Executive Income Protection, is a safety net designed for professionals like you, ensuring the protection of your financial future.

Benefits of Executive Income Protection:

• Income Continuity: If you experience unforeseen circumstances, like illness or injury preventing you from doing your job, with the correct level of cover, Executive Income Protection ensures you receive 80% of your salary, dividends and other remunerative benefits. If bolted on, Executive Income protection can also cover national insurance and pension contributions (limits apply). This allows you to maintain your lifestyle and cover monthly living costs without stressing over finances.
• Short-Term and Long-Term Coverage: Executive Income Protection offers affordable flexible plans that cover both short-term and long-term incapacity. This means if you’re sidelined for an extended period, you won’t face the financial nightmare that Sarah experienced.
• Specialised Support Services: Many plans include services that go beyond financial assistance, such as counselling and rehabilitation support, easing some of the emotional burden you may face during recovery.
• Protection for Personal and Business Needs: Whether you are self-employed or a corporate executive, Executive Income Protection can be tailored to your specific financial requirements, ensuring you and your family are safeguarded if an income disruption occurs.
• Peace of Mind: Knowing that you have a backup plan can significantly reduce the stress associated with uncertainties about your financial future. Imagine having the freedom to focus on recovery instead of worrying about how to pay your next bill.

In conclusion, it’s crucial to confront the uncomfortable reality of income interruption.

By preemptively arranging Executive Income Protection, you can protect yourself and your loved ones from the potential emotional and financial fallout.

After all, life is unpredictable, but your financial security doesn’t have to be.

The good news is that Executive Income Protection is more tax efficient compared to traditional income protection, monthly premiums are considered as a tax deductible business expense with no P11D / benefit-in-kind for the employer or the employee.

If you'd like to book a discovery call to compare the insurance providers which offer Executive Income Protection, get in touch by scheduling a quick call with me over Google Meet using my Calendly link https://calendly.com/stephen-x_56/30min

Or call me on 0204 5533237

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Match Mortgages Limited is authorised and regulated by the Financial Conduct Authority under number 983246 in respect of mortgage, insurance and consumer credit mediation activities only.

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