Income protection for graduates
By Sian Walker, one of this year’s interns taken on by Endsleigh. Sian, after studying Marketing, Advertising and Communications at the University of Gloucestershire, joined Endsleigh on a 12 month paid graduate internship within their Financial Team.
If you have been able to bag yourself a job, congratulations. 28% of graduates are still unable to find full time work even three years after they finished their degree.
Once you have made the leap into full time employment from university your priorities change and one of the next things on your list is likely to be moving away from home (if you haven’t already) and taking on fresh responsibilities. Something which is unlikely to be high on your list of concerns when starting a new job is what happens if you loose it.
No-one likes to think they will be unable to work, whether it’s redundancy, ill health or other reasons. If you are unable to continue working due to ill health, it’s unlikely you will be able to work else where either.
If you had to leave your job due to a serious illness or injury would you be able to support yourself financially? Many people will turn to savings to keep them afloat for a while. As a graduate it’s unlikely you would have amassed a great deal. Perhaps you could turn to family or friends. Would you move back home to live with your parents and face loosing your hard earned independence?
You might not be able to work from stress or even a broken leg but that doesn’t mean you need to be looked after by Mum and Dad. It might just mean you can’t afford to support yourself financially. It is always worth having a plan in place so you know what your options are should you be unable to work for whatever reason.
There are insurance policies available, such as income protection which is designed to offer you that much needed financial support should you fall ill or injure yourself. An income protection policy will pay you a percentage of your current earnings to help you meet your monthly bills and avoiding having to move back to live with Mum and Dad.
It’s always best to speak to an independent financial adviser who can search the market on your behalf. They look for the most competitive policy for your circumstances.
Endsleigh Independent Financial Services is a subsidiary of student insurers Endsleigh who more than likely provided your student possessions insurance when you were at university.
Endsleigh’s Financial Advice Team are not tied to any one provider and advise their clients based on their individual circumstances. They offer all the financial products you are likely to need at some point or another during your changing lifestyle after university. Whether you are saving for a mortgage, buying your first house, protecting your income or planning your retirement, their financial advisers can give you advice, over the telephone at a time to suit you.