If you work and have an income then this is definitely something you should consider. Most people don't consider what would happen if they were unable to work due to sickness, accident or a disability.
- Pays out a monthly income if you can't work
- Can cover up to 70% of your monthly / annual income
- Offers short term or long term cover options
This is the policy that everyone should have but very few people do have and still most think that they can rely on the state for support. Income protection can be specifically tailored to suit your requirements in a number of ways.
What does the cover do?
Income Protection provides a monthly Tax-Free income if you are unable to work and have been signed off by a medical professional. This policy is one of the most claimed on among all of the personal protection plans simply because you are far more likely to be signed off work than die or be diagnosed with a serious illness.
There are a number of alternatives in this particular area so it is important to speak to an advisor who can establish the best cover for you and your needs. Don't be fooled by lower standard and cheaper policies that only offer very short-term cover.
What is covered?
Full Income Protection offers you complete and comprehensive cover to ensure that your income continues whilst you can't work.
Top level policies will offer a Tax-Free monthly income that will pay out until retirement.
- Pays out until you return to work or for a chosen period
- Can offer cover against sickness, disability and you can add the option for covering against unemployment
- Pre-existing conditions may be excluded under this type of policy
You must consider your options carefully before you make any decisions on what cover is best for you. There are a number of options that may not suit your needs and therefore would make this type of cover less beneficial