Income Protection provides a regular level of cover were you deemed unable to work due to illness or injury. Income Protection policies will usually pay a set percentage of your earnings, set at inception of the policy and payments are paid free of tax. The price for this kind of protection depends on many factors including a deferral period, this usually coincides with the length of you sick pay period from your current employment.
Are you employed or self-employed? Do you have sick pay or do you know how long your sick pay lasts?
Income Protection will pay you a monthly sum until you are able to go back to work or until your policy ends. It gives you peace of mind that if you were unable to work for a long period of time due to sickness or injury you will be still receive an income.
How much does Income Protection Cost?
A 26 year old non-smoker, graphic designer, female with income protection of £665 per month till age 65 with a one month defer period would have a monthly premium of £19.73.*
A 33 year old non-smoker, barber, male with income protection of £1,050 per month till age 65 with a three month defer period would have a monthly premium of £33.21.*
A 40 year old non-smoker, bar owner, female with income protection of £773 per month till age 65 with a three month defer period would have a monthly premium of £25.41.*
*Client has no previous medical history and an average BMI.
How do I know my policy will pay out?
If you are 100% honest during our fact find procedure, then the answer to this is, your policy will pay.
Make sure you disclose any medical history during the fact find process, and if you have the occasional cigarette, make sure you tell us, therefore as long as we have all the correct information, your policy will pay on any valid claim.