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If you are an employee you
might be entitled to Statutory Sick Pay, if the qualifying
conditions are met. Alternatively you may be eligible
for state benefits in the form of Incapacity Benefit
(Short and/or long term).
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Men
are three times as likely to take six months
off work through ill health before they reach
the age of 60 than they are to die before 60.
(Source:
DSS 2000)
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Benefits of income protection insurance
Income protection insurance - sometimes called
permanent health insurance (PHI), disability income
insurance or income replacement insurance - provides
a monthly income based on a percentage of your earned
income if an illness, accident or injury stops you
from working for an extended period. It typically
continues to pay until you return to work or reach
retirement age.
Income protection insurance can be taken out if you
are an employee, self-employed or a houseperson. But
it may be particularly vital if you are self-employed
- especially if you have a family.
Bespoke protection
There are various types of income protection contract.
The benefit is based on a percentage of your income
and most contracts let you choose whether the amount
paid will stay the same or automatically increase
each year in line with a fixed percentage or recognised
index. You can choose when to start receiving the
benefit, typically from 4 weeks to 3, 6, 12 or 24
months after stopping work.
If you would like to review your current situation
to ensure that you are fully protected in the event
of loss of income, please e-mail
or contact
us for further information.
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