An Income protection plan is a long-term insurance policy designed to help you if you can’t work because you’re ill or injured or disabled.
It ensures that you will continue to receive a regular income, by paying an agreed monthly benefit for the remaining term of the policy, which can be set as your retirement age or to match your mortgage term.
It covers most illnesses that leave you unable to work – either in the short or long term and you can claim as many times as you need to while the policy is in force.
You can shape the policy to suit your individual circumstances by deciding
- The monthly benefit amount (this could cover just your mortgage payments or include other monthly outgoings up to a maximum of 70% of your pre-tax pay)
- How long you are unable to work before the benefit is paid (you may have benefits provided by your employer that will cover short periods of sickness) The longer you wait, the lower the monthly premiums.
- The term of the policy
- Whether to include unemployment cover
With so many choices to make it is vital that you get advice from an expert. Many income protection policies
will only pay out if you are unable to perform any occupation but the best policies will provide cover if you are unable to follow your own-occupation and we believe this type of policy is best for our clients.
Our fully qualified advisors will be delighted to talk to you and explain all of the choices available
and will recommend a policy that is tailored to your specific needs.
Our recommendation will be based on the quality of cover available as well as the price as sometimes
customers are persuaded to purchase inferior products based on cost alone. They will guide you through the process and explain any terms that you may not understand.
As with all insurance policies, conditions and exclusions will apply.