When you suffer a serious illness or injury, the last thing you should worry about is how you’ll pay the bills when you’re off work. This is where income protection can help.
- Our independent financial advisers will take you through a step by step process to understand what type and protection insurance you will need for your circumstances.
- They will explain the cover proposed in jargon-free language.
- Our independence allows us to research and source the right product for your needs from the whole marketplace and our advisers will manage your application from beginning to end.
What is income protection?
Income Protection provides a monthly payment if you can’t work because you’re ill or injured, and typically pays out as tax free income until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner.
Do you need Income Protection?
Being unable to work can quickly turn your world upside down. Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills and you might want to consider income protection if you’re :
- Starting your first job
- Starting a family
- Taking out a mortgage
- Starting or changing employment
- Becoming self-employed
- If you only receive statutory sick pay from employer
You might like to try our risk calculator. This calculator identifies the percentage chance of you being unable work for two months or more, suffering a critical illness, or death occurring at some point between now and when you plan to retire.
What does income protection insurance cover?
It covers most illnesses that leave you unable to work but this depends on the type of policy and its definition of incapacity. No two income protection products are the same and it is important that you get the right one for your needs.
When does it pay?
This could be after your sick pay ends or any other insurance stops covering you. To ensure that the income protection product you choose pays out when you need it, it is essential that you get the right product for your needs.
How much does Income Protection insurance cost?
The cost of your cover will depend on many variables including your:
- Your occupation
- Your age
- Your state of health
- Whether you smoke or not
- The type of plan i.e. short or long term insurance
- The amount insured