“The one protection policy every working adult in the UK should consider is the very one most of us don’t have – income protection.” Which? 2014.
What is income protection?
- Income protection cover is a lifestyle cover which provides monthly income to the insured policyholder after a chosen deferred period.
- The monthly pay out is based on a percentage of your salary, typically 65%, or if you are self-employed based on a percentage of salary and dividends.
- The policy pays out until the policyholder are able to return to work and so policies can pay out until retirement age.
Who should take out income protection / long term sickness cover?
If the answer is, YES, to any of these questions then you should consider taking out a suitable income protection policy:
- Are you the sole breadwinner in your family?
- Do you have financial dependents to support?
- Do you have regular bills to pay?
- Do you run your own business?
- Could you and your family maintain your lifestyle if you couldn’t work for a protracted period of time?
- Are you self-employed?
Alex specialises in brokering suitable income protection for self-employed contractors and group income protection insurance
Please get in touch for more information.