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Income Protection
Sudden sickness and accidents beyond your control can happen in the blink of an eye and without warning. Income protection insurance can cover a plethora of sudden changes to your circumstances and will pay out a monthly amount based on your earnings, until you are fit to go back to work. There is no limit to the amount of claims you can make and payments cover up to 70% of your wage tax free. Something that we at Policy Library find many people are very keen to have in place.
Do I need it?
Keeping on top of bills and other monthly commitments can quickly get out of hand when you are involved in an accident, or struck by sudden illness. Those who are self employed are generally most effected by this but if you are the main earner in your household and your company does not provide any kind of financial safety net, income protection could be vital to you and your family.
What type do I need?
Income protection can be broken down into two major categories based on the term length and type of cover required. Short term protection is cheaper but will only last for a specified period, whereas long-term cover protects you throughout your working career. There will often be a deferred period with this type of insurance which is most commonly 4 weeks but can be as little as 1. So you can start making a claim almost straight away. You can also claim more than once if required but there are some things we will need to know in a bit more detail. For example your specific type of work and other such determining factors such as your current health and lifestyle.
Still unsure? We're here to help
If you're still unsure about what income protection is and whether you need it, please give us a call, or we'll call you. Just fill in our request a call back form, or head to our contact page - we're here to help.
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