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Income Protection

Have you though about how you or your family would cope if you were off work for a long period of time?

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% Source: LV November 2016.
The average age of an income protection claim for a female is 44 years and 48 years for a male

Income Protection Cover

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.

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.

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

Call us on 0333 340 8899 to get a quote or find out more Income Protection Cover.
If you take out an income protection policy and stop paying premiums you won't get any money back and you'll no longer be covered.
As with all insurance policies, terms, conditions and exclusions will apply.