Income Protection

How would you pay the bills if your income stopped because of illness or injury?
Income protection insurance can help. It is effectively your own personal sick pay insurance. It pays you a regular weekly or monthly benefit if you become too ill to work due to illness or injury, so you can continue to meet financial commitments and living expenses.
This type of insurance covers both physical and mental illnesses, and injuries that prevent you from working and earning. You choose how soon after being unable to work you want the benefit to start paying, and this benefit will be paid until you can return to work, or until the end of your chosen claim period. It can provide cover for the employed, self-employed, contract workers, freelancers and business owners. There are lots of options to help tailor cover to you.

Some policies also provide cover to homemakers, as whilst they might not be earning an income,
they do ‘unpaid work’ which has a monetary value should you need to pay someone to undertake
those responsibilities (such as childcare) in the event of illness or injury.

In addition to financial support, income protection policies can include practical support to help claimants with their recovery such as physiotherapy and counselling.
Income protection insurance can help. It is effectively your own personal sick pay insurance. It pays you a regular weekly or monthly benefit if you become too ill to work due to illness or injury, so you can continue to meet financial commitments and living expenses.

People are statistically more likely to be off work for two months or more through illness or injury,
than being diagnosed with a critical illness or dying before retirement. Income protection should
therefore be the first insurance option for most people to consider, and your adviser will be able
to discuss the options available to you.

Is income protection for me?

You should consider income protection if:

  • You don’t have any sick pay through work and don’t have sufficient savings or other financial
    support to fall back on.
  • Your work sick pay is limited, and you’d like to ensure you are covered should you be ill or injured for longer than your sick pay would pay for.
  • You don’t want to have to rely on state benefits such as Universal Credit in the event of you
    becoming ill or injured.
  • You have a mortgage, rent or other living expenses that you would still have to cover if you
    were too ill or injured to work.
  • You are a full time homemaker and want to ensure there is money to pay for the
    responsibilities you undertake should you become too ill or injured to do them yourself.

Not entirely sure what you need?
Get in touch!