Many of us would struggle to keep on top of bills, mortgage or rent and living expenses if we were unable to work.
Could you afford to pay your bills if you were too ill or injured to work?
Income Protection can provide a regular replacement income if you were unable to work due to illness or injury. Many of us would struggle to keep on top of bills, mortgage or rent and living expenses if we were unable to work.
Alternatively, some people may decide to have income protection because their work offers statutory sick pay which isn’t enough to cover the bills if they were to be off sick from work.
When deciding whether to get income protection, there are a few things to think about:
- How much you have in savings that you could use
- How long will your employer continue to pay you?
- What state benefits you may get after any employer payments stop
How much does income protection insurance cost?
Your premiums are determined by your policy and individual circumstances – some of the factors are:
- How much of your income is cover
- When you want your policy
- How long do you want to wait before payments are made to you
What’s the difference between income protection and critical illness cover?
These two types of covers are quite different. Income protection will pay a percentage of your salary as regular payments until you return to work. Income protection can be used when you’re too ill to work or if you’re injured (e.g. a personal trainer who’s broken their leg).
Whereas Critical illness is usually a lump sum payment if you’re diagnosed with a critical illness that is covered in your policy. It’s most likely won’t cover you if were injured and unable to work such as broken an arm.
The information provided on these pages is generic. None of the information given constitutes advice or a personal recommendation.
Get in touch today about Income Protection
Complete our contact us and a member of our team will be in touch with you soon to discuss your Income Protection requirements.
If you prefer to speak to us face to face, let us know in the comments box when completing the form and we’ll be in touch with you to book an appointment whenever is best for you.
However, if you prefer to speak to us sooner call us on 01270 443510.
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