Income Protection

Keep receiving income even when are unable to work.


What is income protection insurance?

Income protection insurance is an insurance policy that protects your earnings in case the worst happens, and you are left unable to work.

Income protection insurance is designed to help you if you cannot work due to an illness or injury and you do not have enough savings to cover your bills. It ensures that you will still be able to receive an income until you are able to return to work or you retire.

Indeed, income protection insurance gives you the peace of mind that if an event beyond your control were to happen, you would still be able to meet your financial commitments.


How does income protection insurance work?

Typically, income protection insurance covers a wide range of illnesses and situations and will usually pay you an agreed portion of your salary each month.

It is important to note, however, that income protection insurance only covers events beyond your control, including an accident or illness. It is unlikely that you would be covered if you were to be fired or deliberately injure yourself.

The policy you choose and how much you pay each month will depend on your particular circumstances, including your age, your job, your health, whether your smoke, what illnesses and injuries you would like covered, how much of your income you want to cover and how long you would like to wait for the policy to begin paying out after you become ill or injured.

You may also choose between either short-term income protection insurance or long-term income protection insurance. Short-term income protection insurance will usually pay out for a set period of time, typically of up to two years, while long-term income protection insurance will provide you with a regular income for a longer, pre-agreed amount of time, usually until you are back on your feet and able to return to work.


Do I need income protection insurance?

Millions of people every year are unable to work due to a serious unexpected illness or injury. Many of these people will not have enough savings to pay the bills and will experience serious financial difficulties on top of their ill health as a result.

If you are self-employed, income protection insurance is particularly important as you will not be able to rely on either company or statutory sick pay and may not have savings to fall back on.

Income protection insurance is also really useful if you are working in a dangerous or hazardous occupation and are at high risk of injury.

If you are interested in acquiring income protection insurance or are still unsure if it is necessary for your particular circumstances, please contact us today to speak to an advisor and discuss your requirements.

Alternatively, there are also several other types of insurance that can cover any loss of income that you may be interested in, including Life Insurance and Critical Illness Insurance.

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