Interesting analysis. Keep up the good work.
Well said!! On that point only but the rest is ...well...duh!
Whats the point in paying for it if your employment is secure?
The employment may be secure, however, once your allowable sick days used up, you are out - no income. I know of a few (thankfully!) teachers who have had to avail of this scheme. I also know one who didn't - how would you like to survive on disability alone?
Whats the point in paying if you are in good health?
The point is that you may be in good health now. There is no guarantee that you will continue to be in good health. Try looking for cover once you fall into ill health - nil chance - horse has bolted. To paraphrase your comment; what's the point in having comprehensive car insurance if you've never had an accident? What's the point in having house insurance if you've never had to claim?
Whats the point in paying for it if your skills are in high demand?
If you are ill/incapacitated that you can't use you skills!
Whats the point in paying for it if you are in a job that has good benefits package (sick pay etc, that will cover short-medium term illness)?
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short-medium term illness" Enough said, the cover is for long term.
Whats the point in paying for it if you have income from other assets?
I don't recall anyone suggesting that whattheheck had other assets to the extent that he wouldn't notice much change in his income if his teacher's salary was gone.
Sure you might become sick or hit by a car and become unable to work but many of these policies only kick in after 3-6 months of unemployment anyway. There is always the chance that you may be injured/unable to work but the statistical chance of it happening is very very small.
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the statistical chance of it happening is very very small." Now this is nonsense
. You seem to be implying that the possibility is remote. I'm guessing that you are relatively young and have a very optimistic outlook (good on you! sarcasm is NOT intended) and that your circle of friends and acquaintances is also relatively young and healthy. I suggest that if you were towards the latter end of your career you might view things differently.
If you want to pay your money for extra insurance its your choice. But to say salary protection 'should be the first thing any employee should have' is nonsense.
If you can't pay the bills you're sunk. Everyone should review their position and find they can't sustain their lifestyle without their primary income, then salary protection 'should be the first thing
any employee should have'
btw, A dark cloud recently came over my own health. Thankfully it passed me by. I'm perfectly healthy - the thought that I might be seriously ill - which I turned out not to be - was just as real as having it. After this I decided to increase my PHI cover. The result my insurers, following a clear medical, have hit me for exclusions and increased fees -even though I am perfectly healthy and fit - see my 'monicker'
I suggest a rethink on your part!