Is your income protected?



Whilst you may have life insurance, which ensures loved ones have financial support when you die, do you/they have any financial protection whilst you’re alive? Income protection ensures there is financial help if you’re unable to work due to a serious injury or illness.

 

Income Protection is an important and comprehensive insurance policy that provides you with an income to support you and/or your family if you’re out of work. There is always a risk of becoming ill or injured, so if you can’t work and have no money to pay the bills, Income Protection is a safety net that ensures you’re able to meet your financial obligations.

Unlike life and critical illness policies which only pay out once, most long-term income protection policies will pay out as many times as necessary.

 

So, if your thinking ‘do I need income protection’, ask yourself:

-If you lost your income, how long will your savings cover your living costs?

-Are you covered for loss of income on another insurance policy, such as health insurance?

 

Many companies only pay Statutory Sick Pay (SSP) to employees who are unable to work due to an illness or injury. This is currently (Jan 2018) only £89.35 per week and only paid for up to 28 weeks. Those who do pay full salary will only do it for a set number of weeks which is why you should consider income protection options.

 

For more information click here.