Income Protection
Secure regular income no matter what.
The key question is, if you were to suffer an accident or sickness and were off work longer term, how would you keep up your monthly outgoings?
What is income protection?
Some may be fortunate enough to have the security of sick pay from their employer for a few months. After that, unless you have substantial savings in place, you may have to rely on limited state support or the generosity of family members if they can afford to help.
The key questions are, if you were to suffer an accident or sickness and were off work longer term, how would you keep up your monthly outgoings? How important is it to maintain your financial independence and not have to ask others for money?
Income protection can provide you with a regular income if you’re unable to work due to illness or injury. The monthly payout is typically based on a percentage of your income, typically between 50%-70%.
The monthly payout continues either until you’re able to return to work, or until the end of the policy term, retirement or death – whichever happens first. Income protection can therefore provide valuable peace of mind that if you can’t work, you can still afford to pay your bills.
In order to make this cover as cost effective as possible, we can structure your cover to complement your existing sick pay from your employer so that as soon as your sick pay reduces or finishes, the income protection plan starts paying out. Payments from personal income protection policies are tax-free.