What is Income Protection?
Income Protection is designed to replace your regular income if you are unable to work due to illness or injury and will pay you a percentage of your salary each month, until you return to work. If you are lucky enough that your employer pays you in the event of sickness for a period time, we will make sure we take this into account. We even have specific cover available for NHS professionals and Public Sector workers.
Why should I consider an Income Protection policy?
More often than not, our Income is the cornerstone of our financial picture and without it, paying our mortgage or rent along with the rest of our bills and outgoings can become a challenge, much quicker than we think. Some illnesses can prevent us working for a day or week whereas sadly, some could see us never return to work. In any case, Income Protection will allow you to focus on recovering without the financial pressure of returning to work too soon!
Do I need Income Protection if I have Critical Illness cover?
In short, it is likely you will still have a need. Critical Illness policies provide a lump sum if you suffer from a condition detailed in your policy and meet the Insurer’s definition. Income Protection could still pay you a monthly benefit if a Critical Illness prevents you from working but it doesn’t need to be a serious illness, in order to claim. In fact, there are many Income Protection claims made which are for illnesses that wouldn’t necessarily be Critical. A bad back, being an example, could cause a lot of pain and keep you off work.
Do you have a need for Income Protection?
If any of the following apply to you, you would benefit from having a discussion with us about your Income Protection needs:
- I would struggle to pay my mortgage and bills if I was unable to work due to illness
- I would rather not rely on my savings to cover my essential outgoings
- I am concerned that any state benefits available would not be sufficient
- I am self-employed and therefore have no sick pay
What can our Protection advisers do for you?
Our specialist Protection advisers will look at your circumstances, listen to your concerns and take the time to understand your priorities. By doing so, you can be sure we have made a personal recommendation which provides you with the peace of mind you deserve. We understand that in life, circumstances change. This is why we review your needs (and policy) on an annual basis, to ensure you continue to have suitable provisions in place in the worst-case scenario.
When providing you with advice, we will discuss the different options available along with your monthly budget. We will agree a premium that is comfortable so that you still have disposable income left to enjoy some of life’s luxuries! Speak to one of our dedicated Protection advisers today to find out how we can help you.