Income Protection Insurance
If an injury or illness meant that you were unable to work, would you still be able meet your financial obligations?
What is Income Protection?
Income Protection insurance is a policy which helps you financially if you cannot work due to an illness or accident. It can be taken out if you are employed or self-employed.
It will provide you with a monthly income, based on a percentage of your salary, if an illness or injury stops you from working for an extended period of time. Typically, it will continue to pay a benefit amount until you return to work or alternatively reach retirement age.
The current (2011-12) rate of statutory sick pay is £81.60 per week. If you have a mortgage or any other large commitments, it is unlikely that statutory sick pay would be sufficient to cover your financial obligations.
Overview
- Helps you financially if you cannot work due to an illness or accident
- Can be taken out if you are employed or self-employed
- Two main types of policy, long term and short term
- Payments can be made monthly.
Policies & Payments
Income Protection Insurance will protect your earnings and can cover you right up until retirement. Payments can be made monthly for your dependants from the time of the claim, right up until the end of the plan term. You can choose a 1 month, 3 month or six month deferral period to lower the premium.
There are two main types of policy: long term and short term. Long term Income Protection cover is valid up until retirement and for short or long term sickness and injury.
"The service recieved from SJS staff has been first class."
Short term cover will protect your income from sickness, injury and unemployment for 12 to 24 months depending on the agreed policy.
If you are self-employed and running your own business, your circumstances could be much worse, particularly if your absence from work means that most or all of the income your business generates diminishes.
Family Income Protection gives you peace of mind that should the worst happen, you and your family will be protected financially.
You cannot take out an Income Protection Policy if you are unemployed.
Which services will we provide?
We will independently review the policies offered by the major providers. We will present this information in our unique report which is jargon free and clearly sets out the level of benefit provided by each insurer.
Contact us today to discuss a policy for you and your family or click here if you would like one of our experienced team to call you.All our services are completely free of charge and any information we receive from you will be treated in the strictest of confidence and with the utmost discretion.
