Insurances
Income Protection
Consumers today have less purchasing power than they have had historically due to increasing costs and higher interest rates and this withers away savings of individuals and households. If you were off work due to sickness, illness or injury how would you be able to keep up with your mortgage payments ? this is where income protection kicks in.
What is income protection
Income protection pays out if you are forced to take time off work due to sickness, illness or injury and is deferred for x amount of weeks depending on your sick pay. This means after your deferred period has passed your will receive a tax free monthly benefit direct to your bank account to help with mortgage payments and general expenditure if you were off work. Being off work can be caused by a variety of reasons, income protection protects against everything from accidents to illnesses.
How easy is it to arrange?
Income protection cover is incredible easy to arrange and can usually be completed with an over the phone medical questionnaire, in some rare instances the providers we work with may require a medical but this is usually linked to any historically or ongoing health conditions declared
What is covered?
On average a provider will cover 60-65% of your annual salary as a tax-free benefit to support you whilst you are off work. Income protection can be set over any number of years with a different deferred period based on the sick pay you may be entitled to. The policy may run until you return to work, retire, or the policy ends, whichever comes first.
Is Income protection necessary?
Whilst not legally required income protection is a great tool to protect you and your family. If you were unable to work due to being in a car accident for example, this policy would kick in and help maintain your income and standard of living.