Income Protection Insurance
Income Protection Insurance
What is it?
An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age) and you can claim as many times as you need to while the policy is in force.
It is sobering to consider that each year one million people in the UK find themselves unable to work due to a serious illness or injury (ABI 2017).
This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be surrendered if you do not have sufficient income coming into the household.
Who is it for?
This type of plan is designed for anyone who is working (employed or self employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have and can be tailored . As advisors we can help you find the plan that best meets your requirements.
Please contact us for further information or for us to provide you with an illustration.