Income Protection is designed to pay a regular, tax-free income in the event you are unable to work through illness or injury, usually between 50-70% of your income.
If the main income earner passes away, the financial burden of losing the income can be devastating. Losing their income through long term illness or injury can have a similar effect.
We need to ask ourselves, could we survive financially without an income coming in to support the costs of living?
What Do I Need To Protect?
We will take the time to look at your current provisions, either through your employer, or ones set up independently to ensure you have the most affordably comprehensive plan suited to your needs and circumstances.
Some employers offer sick pay as part of your employment, others do not. However, the level of cover offered from an employer can range from absolutely nothing, up to 12 months full pay. More generous employers offer schemes to protect your income for longer, which is why it is so important we review your needs as an individual.
Protecting your income will ensure that you are able to maintain the essential costs of living, such as your mortgage payments, council tax, utility bills, which will ultimately keep the roof over your head. It is also important to consider other outgoings, such as transport costs, education, planning for the future.