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Income Protection Insurance

Financially, what is more important than your income? How much do you have going out every month? How long could you pay for it if you lost your income through ill health? What effect would it have on your lifestyle if you had to rely on state benefits?

The answers to these questions may not make good reading for anyone who is not already financially independent. For many of us, losing our income would be the biggest financial disaster that could happen

If you have good cover within your employee benefit package, then you are one of the lucky ones, but if not, then it is worth considering how much income you would need, when you would need it, and for how long, if you could not work through ill health.

This style of cover is different to Critical Illness Cover, because it can be claimed on time and time again, and is designed to pay out if you are medically diagnosed as being unable to work through ill health. Therefore it is not dependent on you having any specific illness. It pays a tax free income, rather than a lump sum.

Cost will vary depending on your age, occupation, how much cover you want, how soon you want benefits paid, how long benefits are to be paid for, and whether cover is to be level or increasing etc. There are permanent versions of cover, which can be set up to age 60 or 65, or shorter term plans are available. Some have additional benefits built in. Cover will usually be limited to between 50% and 65% of your pre-disability income. Many plans continue to offer a reduced benefit for a period of time, if you return to work part time, or to a lower paid job.

For the most suitable cover, based on your own individual circumstances, please come to us for carefully tailored advice.

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