Income protection pays out if you’re unable to work due to accident or sickness. It is one of the most important types of cover but is often overlooked by many people.

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The main question you should ask yourself is ‘If I am off work for any period of time due to sickness or accident how would I cope financially?’

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Statutory Sick Pay (SSP) is the minimum amount that an employer has to pay an employee if they are off work due to sickness, disability, industrial injury etc. and this can amount to less than £100 per week.

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With this figure in mind would you be able to pay your mortgage, insurances, food, holidays, TV, car, electric, children’s costs, socialising, etc. etc. if you were off work for any length of time due to sickness/disability.

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Many people are under the misconception that the state will help but this is not strictly true.  The help they will give will be minimal.

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Income Protection is the answer to this.  An Income Protection policy will pay you a replacement income and can give peace of mind. It pays a regular income designed to protect your standard of living if you suffer long-term sickness or injury. Benefits usually starts after an initial waiting period chosen by the individual of anything between 4 and 52 weeks and it is payable until you return to work, die or the policy term expires, whichever happens first. It will secure your income for you rather than relying on state benefits.

 

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THE MONTHLY BENEFIT MAY AFFECT YOUR CLAIM TO SOME MEANS TESTED STATE BENEFITS.

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THE MONTHLY BENEFIT UNDER SUCH A PLAN MAY AFFECT A CLAIM TO BENEFITS PAID UNDER OTHER INCOME PROTECTION POLICIES.

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TAX TREATMENT IS BASED ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN THE FUTURE.

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INCOME PROTECTION (WITH NO INVESTMENT LINK) HAS NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF YOU STOP PAYING PREMIUMS YOUR COVER MAY END.

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