Income Protection

Will your family be safe if you lose your income today?
Income Protection will give you and your family the reassurance of a continued income until you’re able to start working again, making sure your bills are paid and your lifestyle remains the same.

To speak to one of our team and  get your family protected today for tomorrow

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There are currently 1.66 million people in the UK who are unemployed. Source: Trading Economics top reasons are, Cancer 21% and Mental Health 18%

LV
Nov 2016
The average age of an income protection claim for a female is 44 years and 48 years for a male
Income Protection

If you suffered a critical illness, surely it would help to focus all your energies on recovery,
without the additional worry about your finances?

One route is to take out an Income Protection policy.
This product is designed to pay out a tax-free monthly sum in the event that you are unable to work due to illness or injury. It pays out until you can start working again, or, in some cases, until you retire.
Each policy will have different conditions, such as cover choices against not being able to work in your own occupation, or any occupation, and you would obviously need to disclose any pre-existing medical issues.
Firstly, you would have to do work out if you would just receive the Statutory Sick Pay of £88.45 a week (paid for up to 28 weeks, if you qualify), or if there are additional benefits from your employer or the state. Once you have an idea of this income stream, you can then decide when you would like your income protection cover to kick-in (called the deferred period). The longer you wait the cheaper the premium will be.
Do be sensible about how much you require until you’re able to return to work (or have retired).
In the same way you wouldn’t need a payout commensurate with buying a new house if the kitchen floods, your potential payout via an income protection policy should be calculated in a similar way (up to a maximum amount). And again, the less you need, the lower the premium.
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The LV= research also showed that almost a quarter of respondents said that their savings would actually run dry after just two months of trying to bridge any income gap.

LV
Nov 2016
Income Protection is a complex product, with a vast array of options, so it’s essential that you take advice from one our experts.