Income Protection

Income protection is there incase you can’t work for a period of time due to injury or ill health. It doesn’t matter if you’re employed or self employed, it is designed to give you that extra peace of mind if you are unable to earn an income and you wouldn’t be able to live off savings or sick pay.

Income Protection insurance will pay out a regular income, which equates to a percentage of your earnings, usually between 50 – 75%. This money will be paid if you can’t work because of sickness or disability, including mental illnesses, and continues until you return to paid work or you retire. It doesn’t however, pay out if you are made redundant.

Like any type of insurance, there are lots of different types of policies to choose from and varying prices, so it’s a good idea to really work out what type of policy would benefit you and your family’s situation

A few things to consider…

  • Could your sick pay cover you? Check what your employer offers with regards to sick pay and how long it lasts. Some employers pay it for over 12 months.
  • Could your partner support you? You would need to take into account how far one set of wages could support more than one of you.
  • Your savings may be able to support you. However, remember that these savings might need to see you through a long period.

Book a free, no obligation appointment…

 

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Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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