Income Protection

Income Protection

Income protection can provide you with either a fixed monthly benefit amount or cover a percentage of your earnings following the deferred period. The benefit amount can be paid for each eligible claim for a set amount of time from up to 12 months, or until retirement

 
Income protection can provide you with either a fixed monthly benefit amount or cover a percentage of your earnings following the deferred period. The benefit amount can be paid for each eligible claim for a set amount of time from up to 12 months, or until retirement

  • Do you need Income protection insurance?

    Consider how you’d cover your usual monthly costs if you were ill or injured and couldn’t work for a while. Would you be able to carry on paying the bills using statutory sick pay or your savings? If not, it’s worth thinking about. Income protection insurance supports you financially if you’re unable to work because of injury or illness. It doesn’t cover you if you’re unemployed or made redundant. When deciding if you need income protection insurance, you should consider your savings, how long your employer will continue to pay you, and what state benefits you may get after any employer payments stop. We will go through all these factors to help you decide what level of cover would you need.

  • What’s a deferred period?
    • It’s the time between the first day you’re unable to work and when you will be eligible for a benefit payment. When you buy your policy, you can choose 4, 8, 13 or 26 consecutive weeks as your deferred period.

    The longer your deferred period is, the cheaper your premium will usually be, but the longer you’ll have to wait until we start paying your benefit. Everyone’s personal circumstances are different and when you’re considering what deferred period would most suit your needs, consider how long you could manage financially if your income stopped or reduced if you’re unable to work due to illness or injury.

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