AdviceOnline | Income Protection
Income Protection
Being absent from work for prolonged periods is something which we do not think about. The facts are though accidents and illnesss do happen and for those without income protection unfortunate enough to suffer an accident or illness which keeps them from earning realise that the loss of income can have drastic consequences.
There maybe state assistance but does this replace the full income that is lost when you are unable to work. Some employers will pay you some form of sick pay. Most for a couple of months some up to year although this may be reduced. For the self employed the realisation is that if you do not work you do not get paid.
Income Protection Insurance can be put in place to mitigate the against lost income if you are prevented from working due to sickness or injury. It is commonly known as permanent health insurance or sometimes PHI schemes. These plans work by paying you an income usually equivalent to 50 - 70 of your usual salary if you are unable to work for a long period. The income is generally paid until the termination date of the policy which can be before your retirement age depending on the policy's terms and conditions death or your return to work.
We can arrange for an independent assessment of your needs by an experienced independent financial adviser who will review your overall circumstances and provide specific recommendations to suit your needs.
If you are considering Income Protection you should also consider critical illness cover or life assurance.
There maybe state assistance but does this replace the full income that is lost when you are unable to work. Some employers will pay you some form of sick pay. Most for a couple of months some up to year although this may be reduced. For the self employed the realisation is that if you do not work you do not get paid.
Income Protection Insurance can be put in place to mitigate the against lost income if you are prevented from working due to sickness or injury. It is commonly known as permanent health insurance or sometimes PHI schemes. These plans work by paying you an income usually equivalent to 50 - 70 of your usual salary if you are unable to work for a long period. The income is generally paid until the termination date of the policy which can be before your retirement age depending on the policy's terms and conditions death or your return to work.
Secure your income with income protection
We can arrange for an independent assessment of your needs by an experienced independent financial adviser who will review your overall circumstances and provide specific recommendations to suit your needs.
If you are considering Income Protection you should also consider critical illness cover or life assurance.
Income Protection FAQs
What is Income Protection Income Replacement Insurance
What level of income can I expect and is this taxable
What is a deferment period
Does it matter about my occupation
What should I think about when choosing a policy
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