Income Protection

Income protection provides a regular monthly income when you are unable to work due to illness or injury.

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Is Income Protection Right For You?

Unfortunately, we are humans and we aren’t indestructible and to make matters worse, as you age ‘The Ailments’ starts to kick in. I’m sure you know what we mean by ailments if you’ve made ‘a sound’ whilst trying to stand, it would be wise to insure yourself before they start or worsen.

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If you were given a personal ATM machine that deposited enough cash to pay for your home, your food and your bills without having to go to work, but much like any other ATM machines there is a chance of it being ‘Out Of service’.

If this was your primary source of income, would you insure this ATM machine?

It’s important to consider what will happen if your income stops tomorrow. How much are your estimated monthly outgoings? How would you cover these outgoings?

The great thing about income protection is that you don’t have to have a specific medical illness for the policy to payout.

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When Does Income Protection Pay Out?

Income Protection will payout if you’re signed off for sickness or an accident by a medical specialist. Income protection can payout for Cancer, heart attack, stroke as well mental health conditions such as anxiety, depression and stress, now let’s not forget it covers you for injury, whether you pull a muscle trying to exercise or have a little accident doing DIY around the house.

*It’s worth noting that unlike life insurance which only pays out once (you can only die once) Income protection can pay-out multiple times over the life of the policy, usually you need to be back in work for a minimum of six months before another claim can be made.*

How does Income Protection work?

There are a couple of components you need to consider when choosing a policy. This guide will take you through each stage so you make an informed decision.

Monthly Benefit

This is the amount the policy will pay out each month in event of a claim. There are two ways you can use to choose the right amount of monthly benefit.
The maximum you can be covered for is 70% of your gross monthly salary but MOST insurers will go to 60% of your monthly salary. The most affordable way is to cover yourself for your monthly essential outgoings to keep the roof over your head and food on the table.

Deferment Period

If you're medically signed off work and need to make a claim, every policy has a set amount of waiting time before your policy begins to pay-out. This is called the 'Deferment period'. The monthly benefit can only start AFTER your sick pay from your employer has finished or reduced, so the deferment period is usually the same time frame as your sick pay or longer.

Cover Length

This is the time frame in which you could make a claim and the policy begins to pay-out. As you can imagine, the longer the term the more expensive the premiums would be. People tend to insure themselves until either their retirement age, the term of the mortgage or until the kids are old enough to look after themselves.

Short-Term Vs Long-Term

This determines how long the monthly benefit will continue to pay-out. Long-Term plans are more expensive because the monthly benefit will pay-out until the cover term ends or when you return to work, whichever is sooner. Short-Term plans will lower the monthly premiums because the period in which you will receive the 'monthly benefit' will be over 1, 2 or 5 years long.

Incapacity Definitions

As long as you’ve been medically signed off work the policy will payout even if it’s for back pain, stress, accidents, cancers etc.

Any & suited occupation

This means the insurer could ask you to return to work in an alternative role. - WE DON’T OFFER THIS PRODUCT