Income protection pays out monthly – so money’s coming in even if you can’t work
Being too ill to work doesn’t mean there won’t be bills to pay. Sick pay or savings might tide you over to start with – but beyond that is where income protection comes in. It can replace part of your missing income, so you have peace of mind that you’ll always be able to pay the bills. Here’s a few income protection features it’s useful to know:
Pays out for as long as you need – until you go back to work, retire, or your policy ends. For complete peace of mind that you’d always have money coming in.
Pays out for a maximum payment period (usually 1, 2 or 5 years). Cheaper than full-term cover, but bear in mind it stops paying after that time – even if you still can’t work.
The ‘waiting’ period
How long you wait before your policy starts paying out. The longer your waiting period, the cheaper your premiums (but you’d need to be able to tide yourself over in that time).
What do people claim for?
Income protection covers you for any medical reason if you’re signed off work by a healthcare professional. Common conditions claimed for include:
Musculoskeletal injuries or conditions
Like broken bones or back pain
Mental health conditions
Like stress, anxiety or depression
Other serious illnesses
Like cancer, heart attack or stroke
Who needs income protection?
Most people. Because most of us would need a financial safety net if we were too ill to work.
As partners, you’re likely to have shared financial commitments. Income protection means you could keep up with bills and expenses if one of you couldn’t work.
Our quick assessment tells us all we need to know to recommend the right amount of cover based on your unique needs. We work with you to make sure you choose a sufficient level of cover – without paying more in premiums than you need to.