Protecting yourself and your family in
this way can offer some peace of mind.
Why take out Income Protection Insurance?
An income protection policy provides financial support if you are unable to work through illness or injury. You can receive an agreed level of income to maintain your standard of living if you cannot work for any period of time. The income might be essential if you are the main, or only income provider in your household.your household.
Where to start with income protection cover
Policies are designed to provide you with an income in the event that you cannot work due to ill health or an accident. Most policies offer long-term cover right up to retirement and usually pay you up to 60% of income. The policy continues to pay you an income until you can return to work, or until you reach retirement age and the policy expires.
Insurance providers often assess job-related risks when reviewing applications. For example, manual workers may be seen as higher risk than office-based professionals. If you have any questions about your own situation, our advisers are happy to help.
The cost of income protection depends on the benefit amount and policy duration, typically until retirement. Policies also include a deferred period, which is the time before benefits begin. This can range from one week to a year, with shorter deferred periods generally resulting in higher premiums.