Income Protection
Would you cope financially in a prolonged absence from work?
11% of people at some time in their career will have to take more than 6 months off for sickness or injury.
With this plan, receive a regular income if sickness or accident means you are unable to work.
Ask a Question for FREE about Income Protection
Ask yourself the following:
- If sickness or an accident meant a lengthy absence from work, would your employer pay you sick pay and if so how long would this last?
- Do you have savings or a partner's income to help pay your regular monthly bills and if so how long could you cope before financial pressures started to mount?
- What if you are self employed? Would your business survive a long absence by you?
- If these questions raise concerns, an income protection plan could offer you peace of mind
Why should I consider Income Protection?
Sickness or an accident that leads to a lengthy absence from work can affect any of us at any time. It's more common than you might think - illnesses such as heart attack, cancer and stroke are not uncommon and car accidents, sports and adventure holidays can also lead to serious physical injury. A significant percentage of the population have to take months off work at some time in their life.
You may be able to rely on sick pay from your employer for a month or two but what then? State benefits are likely to fall well short of your former salary. So it really does make sense to provide cover for your regular monthly income in the form of an Income Protection Plan.
What cover does an Income Protection Plan provide?
An Income Protection Plan will provide you with a tax-free monthly income for the period you are away from work, whether you are in full time employment or are self-employed.
These types of plan normally let you cover up to 60% of your normal monthly income, although some may let you cover up to 70%. You can also decide on the length of waiting period before you start to receive your benefits, so you need to consider whether you would need these from day one or whether you could wait a little longer and this will help reduce your monthly premiums.
So while you may think it will never happen to you, just imagine the impact if you were away from work for a lengthy period and your income was drastically reduced. Taking out cover in the form of an Income Protection Plan can provide peace of mind and the reassurance that if the worse should happen you could still enjoy an income that will help take care of those bills that simply won't go away.
