Income Protection

Income protection is an insurance policy that will pay you a regular income if you find yourself unable to work due to illness or injury. This income continues until you are able to return to work, you retire, the end of the policy term or your death, whichever occurs first.

If you do take out a secure and suitable income protection policy, the maximum income you can expect to receive is between half and two thirds of your usual earnings before tax. The cost of your policy would depend upon your current health, current salary, any amount that you receive in state benefits and any work related or medical expenses.

Life can be extremely difficult if you find yourself unable to work and without your usual income; life as you know for you and your loved ones can change drastically without the financial security that your ability to work provides.

Income Protection For The Self-Employed
It is particularly important to consider income protection if you are self-employed, mainly because you are not entitled to any statutory sick pay. If you were to fall ill and were unable to work, you would quite simply have no income. It is possible that you may be entitled to Employment and Support Allowance but this would equate to a substantial decrease in income for most.  If you were a self-employed person who is unable to work and can’t rely upon your savings, how would you pay your mortgage, rent or even buy food? This can be a difficult question to answer, particularly if at present you are in the best of health, but is one that ought to be considered.

Sometimes it can be difficult to figure out what type of insurance is the most appropriate for you. Should you consider life insurance, critical illness, income protection or all three? There are a huge number of policies available in the market with lots of variable clauses, navigating your way through them successfully can be a daunting task. We work with a trusted panel of insurance providers and will help you to clarify what is best for you and your personal, individual circumstances.

If the prospect of being unable to work is of concern to you, for the above reasons, then please get in touch so that we can discuss all the options that are available to you.