Income Protection
An income protection policy pays a proportion of your salary if you’re unable to work because of sickness or injury.
All policies have a qualification period, for each and every claim, typically anything from four weeks up to two years.
The length of time you receive payments depends on the contract term, which can be anything from just a few years up to age 65, or beyond.
The amount of income protection insurance you need will be determined by the salary that you want to insure. Generally, income protection provides cover for about 50% of your gross salary, however you will not be taxed on any benefits that are paid out by the insurer.
You need to consider what the costs of meeting a mortgage and other debts will be, as well as providing for a partner, children or other dependants - plus maintaining your assets and investments. Remember the point of income protection insurance is to provide an income stream if you can no longer work.
Please contact us and we will tell you about the various options, such as index-linking which ensures that your cover will keep up with inflation.
All of these policies have benefits and drawbacks. Drawbacks can include exclusions and limits to the amount of cover. We will discuss these with you before we make a recommendation.
The products detailed above are not investments and have no cash-in value at any time.
- Home Buyers Guide
- Remortgage Guide
- Buy to Let Mortgages
- Self Build
- Commercial
- Bridging Finance
- Equity Release
- Home Insurance
- Life Insurance
- Critical Illness Cover
- Mortgage Payment Protection
- Income Protection
- Medical Insurance
- Car Insurance
- Specialist Insurance
- ISA's
- Regular Savings
- Lump Sum Investments
- Inheritance Tax
- Company Pensions
- Personal Pensions
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