Income Protection

If you couldn’t work – could you still pay the bills? What would it mean for your family?

None of us like to think it might happen. But millions of people every year are forced off work because of illness or injury. And when it’s serious, the impact on your finances & your family can be devastating.

According to reports from Personnel Today, just 12% of employers support their staff for more than one year if they are off sick. Statutory Sick Pay is the minimum an employer must provide, but for many women is unlikely to be anywhere enough to cover your basic bills. 

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How Income Protection Insurance can protect you & your family

Income Protection Insurance is a long-term policy that will help you if you have a serious illness or injury. It starts after your sick pay from your employer has stopped.  

It’s different to Critical Illness Insurance, which pays out a lump sum if you have a specific illness. And it’s worth bearing in mind that many of the common causes for Income Protection claims are for illnesses that wouldn’t be covered under Critical Illness policies.

What exactly IS Income Protection Insurance?

  • It’s long-term cover – for either 1 year, 2 years or until you retire.
  • It replaces part of your income if you can’t work at all. It’s based on a percentage of your salary, usually 50% or 70% and payments are tax free.
  • It’ll pay out until you start working again – or until the end of the policy, you retire or the worst-case scenario that you pass away.
  • You have to wait a period of time before the payments start. This is called your ‘deferred period’, which is pre-agreed when you take out the policy. Payments don’t usually start until your sick pay and/or other insurances stop paying.
  • The longer waiting time you choose, the smaller your monthly policy payments will be. You can usually choose for payments to start after 4, 8, 13, 26 or 52 weeks.
  • It will cover most illnesses that leave you unable to work – of course, you’ll need to check the policy in detail, as they all differ.
  • And you can claim more than once from one policy, while it is still valid.

The best place to start? Check with your employer about your sick pay entitlement & whether it would be enough for you to live on. Would it cover your income for 12 months or more?

If not, then it’s 100% worth getting advice about the best protection for you & for your family.

 

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We’d love to talk about the right solution to help protect YOUR income, if you couldn’t work.

Just leave your name & number now, and one of our team will be in touch to talk everything through!