Income Protection: The Must-have Insurance

Income Protection is often seen as a luxury item by individuals and an unnecessary expenditure by employers.

However, we suggest that this is the most important single insurance for everybody to consider. Without it how can a person look after themselves or their family if they can’t work due to sickness or an accident?

This article proves that none of us know what is just around the corner.

When you are in good health and have a full time job with a regular income, it’s easy to forget about a possible accident happening (workplace or otherwise) or getting a serious illness, either of which resulting in an inability to work. But sadly, these unfortunate incidents do occur.

So what would happen to you and your loved ones if you couldn’t work due to injury or illness?

If you are not working for a Company that provides you with income protection as an employee benefit, or don’t have your own cover, then you will need to rely on your savings (assuming you have some), the state (in the form of statutory sick pay) and/or your family.

At worst, you may need to consider selling your car or even your home to cover your day-to-day living expenses and bills.

So don’t let poor planning or ignorance stop you from getting the protection you and your family deserve.

Income Protection: how does it work?

First and foremost, it all depends on the individual policy. However there are some generalisations that can be made:

  • Income protection gives you a regular sum of money if you can’t work due to accident or illness.
  • It can continue to pay out until you can return to work or until you reach retirement age.
  • Income protection is usually paid around four weeks after you stop work. (You can tailor the start date if your employer does offer you sick pay for a period)

Income Protection: What isn’t covered?

We should make it clear that not everything can be covered using an income protection plan. For example:

  • Pregnancy
  • Pre-existing medical conditions
  • Self-inflicted injuries
  • Injury as a result of a dangerous job
  • Injury or illness as a result of criminal acts, drugs or alcohol

It is important and strongly recommended that you talk to a specialist advisor, such as ourselves, before you take out your policy. Everyone’s needs are different, and of course, what you can afford will play an important factor. Premier Choice as an award winning intermediary has many years’ experience in advising companies and individuals on a range of cost effective solutions.


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Want to know more? Call free on 0800 970 1618 or click on the link below to enquire online. Speak to a member of our team to see how we can tailor a package to suit your specific needs and receive a FREE no obligation quote.
 

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