Income protection insurance provides peace of mind. Each year close to one million people find they are unable to work due to illness or serious injury. If you could not work could you survive on savings, Government benefits or sick pay from work? Would this be sufficient to pay the bills? It does not just apply to people who have children or other dependents. If the bills cannot be paid then you should consider an income protection policy.
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What is Income Protection Insurance?
Income protection insurance is a long term policy which provides an ongoing payment if you are unable to work due to illness or serious injury.
- It pays out until you start working again, retire, die or to the expiry of the policy, whichever comes sooner.
- You decide a waiting period before payments start. The longer the waiting period, the lower the monthly premiums will be.
- You can claim as many times as you need to while the policy is still in force.
- Definitions and premiums vary among insurance companies and it is recommended to seek advice from an Independent Advisor or Broker.
It is important not to confuse an income protection policy with critical illness insurance. Critical illness insurance will pay out a one off lump sum on the diagnosis of a specific serious illness.
How much does Income Protection cost?
The cost of a policy will be based on a number of factors including
- Your age
- Smoker or non smoker
- Percentage of your income that you would like to cover
- Your current health, your weight and family medical history
- Your occupation.
Secure the best income protection policy to suit your requirements.
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