Income protection is a form of insurance that pays you a regular income if you can no longer work due to an injury or illness.
advantage of an income protection plan. Tax relief is available on your premium.
WHAT IS INCOME PROTECTION?
Income protection is an insurance policy that pays a monthly income if you are unable to work due to an accident or illness. The policy allows you to cover up to 75% of your salary, less any state benefits to which you are entitled.
WHY DO YOU NEED IT?
An Income Protection plan pays you a monthly income if you are unable to work due to any illness, accident or injury. You can ensure you continue to meet your monthly mortgage repayments and household bills and maintain your current standard of living.
It will continue to pay you an income until you are well enough to return to work, or if not, until your retirement age
- What would happen if your income suddenly stopped because of ill health?
- How long would your employer pay you if you were on prolonged sick leave?
- How would you and your family cope financially after that?
DO YOU KNOW?
Many employers don’t provide any form of sick pay and of those that do, many will only pay you for six months.