Our specialist Insurance brokers are here to help. Feel free to give them a ring to discuss your Income Protection Insurance policy options.
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Do I need Income Protection Insurance?
Only a minority of employers provide support whilst their staff are off sick from work. Given the low level of state benefits available, everyone of a working age should consider income protection to safeguard your income and quality of life if you should ever fall ill or have to deal with an accident or disability.
With 1 in 4 adults in the UK not having any savings, due to high monthly outgoings and attempts to clear substantial debt before putting money away regularly emerging as the main reasons. If you are in a similar position, then income protection will provide you with the financial security you need.
Factors to consider when choosing Income Protection Insurance
- If you are employed, do you have sick pay to fall back on? If so, how long is this paid for?
- If you are self-employed, what would you do if you couldn’t work if you fell ill or became injured?
- Can you afford the level of cover you need? Setting premiums at an affordable level is important to ensure that you are able to cover outgoing payments if you do make a claim.
- We advise you take out an additional cover called waiver of premium so as in the event of you making a claim the provider will pay your monthly premiums for you. Waiver usually only adds a few pounds to the monthly premium.
- Where possible we will also guarantee the premiums for the life of the policy so as the monthly cost will not increase regardless of your health or claim history.
- We will speak to you about what cover your employer provides, as Income Protection policies have a deferred period or waiting period before they pay out. The longer the deferred period the cheaper the premiums will be.