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How long could you cope financially without income?
Income Protection is designed to replace earned income in the event of ill health or accident (not unemployment).
Three things to consider:
- The monthly benefit you would need.
- How long you wish to wait before your benefit is payable (the longer you wait, the cheaper the premium).
- How long you need the benefit to be paid. For example, 25 years, or, until retirement.
Suitable cover, properly arranged, can ensure:
- Claims are paid until: You are fit to return to work, or the policy expires.
- The number of claims is not limited.
- Premiums will not increase, even if you claim.
- Cover can be provided to your anticipated retirement age.
- Your benefit can increase each year to offset inflation.
We can help you identify the nature of cover that best suits your circumstances, priorities and budget.
Policies take account of any sick pay provided by your employer. For example:
- If your employer would provide full pay for 3 months, your benefit could start after 3 months (or later if you wish to reduce premiums).
If you are self-employed or would only receive Statutory Sick Pay (SSP), you can choose a waiting period that suits you.
- Cover is available whereby once you’ve been unable to work for a month, your claim is back dated to the first day you were unable to work. This is known as “back to day one cover”.
Depending on your circumstances, it may make sense to consider a “mix” of the different types of cover (Critical Illness, Income Protection and Life Insurance). Some insurers provide a discount if more than one benefit is arranged.
Call today on 01287 650300 for an informal chat without any cost or obligation.
Lots more useful information here.
Cover is subject to underwriting and will, among other factors, take account of your health, occupation and past times. Insurer’s policy schedules and terms and conditions supersede the content of this website. Policies do not acquire a value and will not provide a return at any time.