How would you continue to support your family if you suddenly couldn’t work due to an illness, injury or disability? While we never plan to be off work for a long period of time, it’s not something we can guarantee won’t happen.
Furthermore, no matter how strong we build our financial foundations, additional support is something that most people welcome and can help keep your household running smoothly while you concentrate on your recovery.
Income protection provides a replacement income in the form of a tax free, monthly payment, which is usually calculated as a proportion of your gross monthly income, to help with your financial commitments.
Many people believe that they’ll receive Statutory Sick Pay (SSP) when they are on long-term sick leave, which will enable them to cover their financial responsibilities. The reality, however, is that SSP is only paid for a period of up to 28 weeks and will inevitably be significantly less than your regular wage.
Also, it’s important to understand that not everyone qualifies for SSP and a number of criteria need to be met before you receive it.
The fact that income protection policies pay a regular amount – usually weekly or monthly – while you get back on your feet affords total peace of mind for you and your family. A recovery that isn’t overshadowed by financial obligations will undoubtedly be speedier and less stressful.
Income protection can even be taken out by people who are self-employed, providing a sensible fail-safe mechanism in the event that you cannot work due to an illness or injury.
Making an informed choice about what level of income protection you need is something that we are here to help you with. Your premiums will depend on a number of factors, including your health, age, occupation and whether you smoke, but whatever your circumstances, we can guide you through the entire process and secure the right cover for you.