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Income Protection - What is it?

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Most people will have seen Life Insurance advertised on the TV, on Social Media and on comparison sites but perhaps haven't heard about Income Protection.

Over the past 4.5 years I have worked with many clients who previously had Life Insurance and Critical Illness Cover but sadly without Income Protection.

What is it and why is it so important?

Instead of providing a lump sum on diagnosis of a critical illness like Cancer or Heart Attack, Income Protection pays out a monthly income if you are ill or injured.

If you have an accident and suffer an injury such as a broken leg that prevents you from doing your job or if you are diagnosed with a more serious illness you can continue receiving an income.

You can receive upto 70% of your income tax free.

What about Employers Sick Pay and Stautory Sick Pay?

If you know that your employer will pay you I can factor this in to your cover. For example, if your employer will pay you in full for 3 months I can ensure that your policy would start paying after this time if you are still unable to work. 

If your employer doesn't provide sick pay or perhaps only for a short time you can claim Statutory Sick Pay for upto 28 weeks. The current rate is £95.85 per week.

For most people this simply isn't enough which is why most, if not all of my clients take out Income Protection.

Self-employed? No problem, I can help you determine what you need and provide cover that is suitable for you.

There are many options to suit all situations and budget, in my opinion, it is something you should take advice on.

Get peace of mind, knowing that if you are ill or injured you can still receive an income and contnue paying your bills to take care of you and your family.

Contact us today.

 

- Leanne