Income Protection

 

 

 

 

You probably insure your home and contents, your car – you might  even have life insurance. But have you thought about insuring   your income? Life is unpredictable and no one wants to think that something bad will ever happen to them. But each year one million people suddenly find themselves unable to work due to serious illness or injury. If this happened to you, how would you pay the bills? You might have some savings to fall back on, but you’d be surprised at how quickly these can be used up on day-to-day costs. And while you may be able to get  sick pay from your employer or from the state, you could find that this  is only paid for a short time, or at a much lower rate than you’re used to.

For 2015/16, statutory sick pay is only £88.45 per week – but you could be entitled to more depending on your sick pay arrangement at work. It’s paid by your employer for up  to 28 weeks.

Income Protection helps to help top up your safety net to a level that’ll meet your needs. This type of insurance pays out a tax-free monthly income if you get an illness or injury that stops you from working. You can choose how long you want your cover to last and how long your monthly payout will be made if you make a claim.  This plan doesn’t have a cash-in value at any time