Income protection is an insurance policy designed to help if you can’t work due to illness or injury.
The policy ensures that while you are unable to work you continue to receive a regular income subsequently ensuring you can continue to meet your regular obligations until you retire or are able to return to work.
- Income replacement – if you can’t work because you become ill or incapacitated.
- It pays out until you return to work – or until you retire, die or the end of the policy term – whichever is sooner.
- It covers most illnesses that leave you unable to work – either short or long term
- Multiple claims – claim as many times as you need to,while the policy lasts.
Around a million workers a year find themselves unable to work due to a serious illness or injury and it doesn’t matter whether or not you have children or other dependants, if illness and not working would mean you couldn’t pay the bills, you should consider income protection insurance.
You’re more likely to need income protection if you’re self-employed or employed but you don’t have sick pay to fall back on.
It is worth checking what your employer will provide for you if you’re off sick to see if your regular obligations such as mortgages etc can continue to be covered.
Like all insurance policies, with income protection the level and quality of cover depends on getting the right policy – so it’s always best to get independent advice.
Asset Harbour can provide the imparial income protection advice, giving you peace of mind knowing the your family’s financial needs will be met if for some reason you cannot work for an extended period of time.