Income Protection
Secure Your Income, Secure Your Future
Income Protection Cover provides a safety net if you are unable to work due to illness or injury. This insurance ensures you continue receiving a portion of your income, helping you manage essential expenses like mortgage payments, utility bills, and daily living costs.
What Is Income Protection Cover?
Income Protection Cover is a policy designed to replace a portion of your income if you are unable to work due to illness, injury, or disability. Unlike other types of insurance, it provides regular payments, helping you maintain financial stability during periods of incapacity.
Key features include:
-
Regular Payments: Typically up to 50-70% of your pre-tax income.
-
Flexible Terms: You can choose how long payments continue, ranging from one year to retirement age.
-
Comprehensive Coverage: Protects against a wide range of conditions, ensuring peace of mind.
As with all insurance policies, conditions and exclusions will apply.
How Much Does Income Protection Cover Cost?
The cost of Income Protection Cover depends on several factors, including:
-
Your Age and Occupation: Premiums are generally lower for younger individuals and those in low-risk jobs.
-
Health and Lifestyle: Smokers or individuals with pre-existing conditions may pay higher premiums.
-
Coverage Level and Payment Duration: Higher coverage amounts and longer payment periods increase costs.
Do I Need Income Protection Cover?
You should consider Income Protection Cover if:
-
You Rely on Your Income: Most people depend on their salary to cover essential expenses.
-
You Have Financial Obligations: Mortgage payments, loans, or other commitments can become unmanageable without regular income.
-
You Lack Employer Benefits: If your employer’s sick pay policy is limited, this cover bridges the gap.
For a robust financial safety net, consider combining Income Protection Cover with policies like Life and Critical Illness Cover, which provides lump sum payments for serious illness or death, and Buildings and Contents Insurance, which safeguards your home and belongings.
