Nobody enjoys thinking about getting ill, but our mortgages, bills and general living expenses don’t stop just because we have stopped working.
People have a tendency to insure everything except their lifestyle but if we don’t insure our income, how can we afford to maintain the lifestyle we have grown accustomed to?
Income Protection Cover provides a regular tax¬ free income, to help you maintain the lifestyle that you have worked so hard to achieve, as well as the extra costs that might arise because of an illness, injury or disability that could leave you unable to work. With a regular tax-¬free payment from your Income Protection Cover provides peace of mind, meaning that you can focus on the most important thing – your recovery.
How long with Income Protection last?
You can select the period of life that you feel is the most vulnerable time. Usually until retirement. Once in payment, the plan will keep paying out until you return to work or the plan ends, whichever is the sooner.
There are various types of Income Protection for different levels of affordability – Comprehensive, Primary and Short-Term Cover.
There are various deferred period for the employed and self-employed, so that budgets can be managed and the right product selected for your individual circumstances.
Choosing a Deferred Period
A deferred period is a specific time frame, that you select at outset, during which you will decide that you will be able to draw on savings or employer sickness benefit. After this period, the income protection policy starts to pay out a tax-free income.
Inflation Proofing your Income
Because the cost of living keeps on going up, it is wise to index link your income protection; that way, if you are ill for a protracted period, rising prices do not adversely affect your lifestyle.
If you are not protected, please contact one of our specialist advisers who will be able to help you find the right solution to provide peace of mind if the unexpected were to happen.
