Income Protection
Income protection is designed to protect your earnings against a prolonged absence from work due to an accident or illness. Ensure that your financial wellbeing doesn’t suffer so that you can focus on recovery.
What is it?
Income protection will pay you a regular income in the event that you cannot work due to accident or illness. The amount paid to you will be determined by your current earnings and is typically 50 -70% of your pre-tax income. Upon making a successful claim for your benefit to be paid, it will continue until the earlier of you returning to work or the policy ending. Your benefit will be paid to you tax free.
What will you need to consider?
We will provide you with a comprehensive service to determine the most appropriate cover for you taking into account:
- Income and expenditure – to determine the level of cover you need.
- Your future – consider your career plans to ensure cover remains appropriate.
- Employer benefits – such as sick pay entitlement which you may wish to factor in whilst calculating your monthly benefit.
- Your ‘deferred period’ – the period of time for which you can wait before benefit payments commence.
- Medical History – Any medical issues which may prevent you from obtaining your ideal level of cover.
- Any existing insurance policies – to ensure that you don’t become ‘over-insured’.