Helping you to focus on recovering
An Income Protection Policy is one of the most important insurances that you can consider, as without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills? Could you survive on State Benefit alone?
An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an ASU policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period until you either recover or reach your selected retirement age. Unlike an ASU policy, Income Protection policies typically do not protect you against redundancy.
The maximum cover you can have is up to 70% of your gross income, however, as the benefit is paid tax free, you can replace a high percentage of your income in the event of long term incapacity.
Some of the most common conditions covered by income protection insurance are mental illnesses such as anxiety, stress or depression & back pain.
Further more, you will no doubt have lots of questions regarding which type of cover would suit your needs. Such as, if it would impact any sick pay you could be entitled to and how much it will cost. The best thing you can do is to speak to one of our Protection advisers who can talk you through the different options and your requirements. Don’t worry insurance does not have to expensive or complicated. It just needs to be in place to protect you and the people you love.