Income Protection
Have you ever considered what would happen if an unforeseen event prevented you from working? Could you rely solely on your savings or sick pay? If you’re self-employed, the responsibility of maintaining your income can become even more daunting during periods of illness or injury.
By acquiring Income Protection Insurance, you ensure that you’ll receive a monthly, tax-free income in the event your doctor declares you unfit for work due to health issues or injuries.
These monthly payments will continue until you’re able to return to work, offering crucial support to cover your ongoing expenses, including bills, mortgage or rent payments, and childcare costs. Even if your condition doesn’t allow you to return to work, an income protection plan guarantees ongoing financial support throughout your plan’s duration, providing you with peace of mind.
Understanding Income Protection
Income protection is a long-term insurance policy designed to offer financial security when you’re unable to work due to illness or injury, ensuring a regular income stream until your retirement or your ability to resume work.
Key Features of Income Protection:
- Replacing Part of Your Income: This policy provides a portion of your income if you’re unable to work due to illness or injury.
- Payment Until You Can Return to Work: It offers financial assistance until you can go back to work, retire, or the policy’s term ends, or in the unfortunate event of your passing.
- Comprehensive Coverage: It encompasses most illnesses that might incapacitate you temporarily or long-term, depending on the policy type.
- Multiple Claims: You can make multiple claims as needed while your policy remains active, provided you continue making payments.
- It’s important to distinguish Income Protection from Critical Illness Cover, which pays a lump sum in the event of specific serious illnesses.
- Should illness threaten your ability to meet financial obligations, Income Protection serves as a wise and practical solution.
If the prospect of covering your bills during unforeseen circumstances worries you, don’t hesitate to reach out to one of our protection specialists. Our consultations are free, and you’re not obligated to commit. Whether you simply wish to discuss your unique situation, feel free to get in touch with us by calling or completing the form below, and we’ll be here to assist you.
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Whatever types of questions you have, feel free to get in touch with us!