Planning for the Unexpected - Adam's Story
Adam Pearson fully recovered from the fatal accident on the A34 near Newbury, thanks to his Income Protection Insurance
It is a sad fact that Income Protection insurance is unfortunately one of the least popular protection policies. According to a survey in 2014 by the Association of British Insurers of the 26.7 million households surveyed, only 0.3 million had Income Protection, that’s less than 1.5%! We all know that one of the main reasons for having the right insurance cover in place is to ensure our income and lifestyle can be supported, enabling you and your family to not be left financially compromised in unforeseen circumstances. Sadly we still tend to prioritise protecting ourselves for once we have left this life, not whilst we are still here, when all the bills still need to be covered.
Making sure you have the correct cover in place is important and the additional benefits provided by having such cover may surprise you. Whilst we all know a financial benefit is received, it is often the mental well-being that the policy allows which cannot be measured.
A recent case study issued by The Exeter, a company we arrange many income protection policies through year after year, demonstrates the impact having such a policy in place can make.
On August 10th 2016, a fatal accident on the A34 near Newbury caused devastation to families of those involved. A lorry collided with a stationary Mazda vehicle who had stopped due to traffic, causing a pile up of multiple cars and another heavy goods vehicle. Tragically, a mother and her 3 children lost their life whilst queuing, 5 vehicles ahead of the initial impact from the offending lorry driver. The Mazda driver was a client of The Exeter. He incredibly survived being ploughed in to from behind at 51mph, but sustained multiple injuries including a torn aorta, broken spine, collapsed lung, crushed abdomen, broken rib cage and associated liver and kidney damage. Fortunately, he is recovering well just over a year on.
Thanks to the income protection insurance he held with The Exeter, he could focus on his health rather than worry about his financial situation as a result of the accident. Every year, nearly one million people are unable to work due to serious injury or illness (ABI 2015). For the self-employed, this can be a real headache as usually if the business relies solely on the owner, then no cover, no work and no progress can be made until a recovery period has taken place.
‘’Having the income protection policy gave me time to concentrate on recovery. Without it, I would have been forced to face very difficult financial realities much sooner. I would probably have been forced to return to work before being physically able to do so.’’ said the client.
Despite the truly horrific nature of this incident, it is absolute proof that Income Protection is an important consideration when looking at the options available to protect you and your family. Accidents can happen and life can change in very unexpected ways.
One of the reasons clients do not purchase this type of cover is often down to the lack of confidence in payment of the policy, following a claim. The Exeter are proud to boast a 95% average claims payout history over the last 10 years and this can be echoed by many other providers in the market place. Despite this we as a nation are typically arranging more insurance for our pets than ourselves!
If you are concerned about how you would pay your bills in the event of illness or accident, regardless of whether you have children or dependants, Income Protection is maybe something you should consider.
We have been operating in Gloucestershire for 30 years and recommending the best financial, mortgage and life cover to best fit our client’s needs. With access to the entire market, we can search in detail for the best policy to suit every customer. Proudly, we are 'TrustPilot', 'Unbiased' and 'VouchedFor' approved and have gathered many positive reviews from the work we have done.
If you would like to get in contact with us please call us on 01452 413 300 or email email@example.com.