Income Protection – Putting Food on The Table
We all know that providing for our family and affording our day-to-day living costs requires a consistent source of income, meaning that suddenly becoming unable to work due to illness or injury would make this extremely difficult, if not impossible.
Income Protection provides you with financial security to ensure that should this happen, you will receive a fixed monthly amount to replace your normal income, allowing you to pay your bills, mortgage, food shopping, and any other financial commitments.
Although short-term Income Protection is available, usually Income Protection pays out until you return to work, retirement or death.
This level of protection is often based on:
A percentage of your salary
Whether you are receiving any state benefits
Your chosen ‘deferred’ period
– which means that you would be insured for a level of benefit reflecting a percentage of your gross salary (Depending on the insurer, this is usually up to 70%), of which you would begin to receive after your chosen ‘deferred’ waiting period, which can be anything from 1 day to 1 year.
The longer the ‘deferred period’ you choose, the cheaper your policy will be; however, this can be decided on how long your savings will last, or how long your employer will provide you with sick pay.
If you are receiving any state benefits, this also would be considered – however, we’ll advise on this during the quoting process.
We also consider factors including;
The level of benefit that you require
More often than not, people take out Life and/or Private Medical Insurance policies, without considering how they would pay for these premiums, let alone their day-to-day living costs and outgoings if they suddenly become unable to work.
So, before it’s too late, get in touch with our team.
“I wish I’d had insurance” doesn’t put food on the table; Income protection does.