Put simply, income protection pays out if you cant go to work due to accident or sickness until you are able to go back to work. However its all a bit more complicated than that, there are different levels of cover – own occupation, similar occupation or any occupation. There are multiple lengths of payout, it could be fixed term or until retirement, or perhaps until the mortgage is paid. Some peoples work will pay them an amount of salary for a period of illness, but then after that it can go to SSP (statutory sick pay) How Would You Cope?
As part of our holistic approach your adviser will go through all of this for you and work out with you what the best course of action is for you and your family to be fully protected.
Income Protection Advice
- Pays out regular tax free income to replace lost earnings
- Can pay out to retirement age
- Variable deferred periods to help reduce premiums
- Fully independent whole of market unbiased advice
Critical illness cover only pays out if the illness matches the policy terms. Income protection will pay out if you are unable to work for any reason stated – a broken leg for example or back injury.
Until you go back to work or the agreed claim limit.
The usual deferrment optiosn are 4 weeks, 13 weeks, 26 weeks or 1 year. The longer you can extend the waiting period the cheaper the income protection policy.
Because income protection requirements vary so much from person to person, there is no such thing as a straightforward case. One person might want a deferred period of 26 weeks and then to only claim income protection for 5 years, the next may only want to defer for 4 weeks and then be covered until retirement age.
We can take you through this complex insurance market and find the right income protection product for your circumstances, which could potentially save you hundreds of pounds now, whilst ensuring that it doesn’t cost you thousands of pounds in the future.
Let us help find you the perfect income protection policy to protect you and your family.