Income Protection.

What would happen if I can’t work, long term, due to illness or injury?
There’s a question we don’t often ask ourselves! However, more often than not, the answer is one which gives us some serious food for thought.

If you’re employed you may receive some form of sick pay, brilliant! But what happens when that runs out?

Self employed? Sick pay is a luxury you’re unlikely to have.

The likelihood is that being absent long term will cause serious financial issues when it comes to paying the bills and putting food on the table each month.

An income protection policy will pay you an income for every month that you are unable to work due to illness or injury and it’ll keep paying until you are fit enough to return to work or reach retirement age, whichever occurs first.

What are the common types of Income Protection?

Life insurance comes in many different forms but here are the four most common:

Full Term

Provides coverage until the end of the policy term, which is usually until you reach retirement age or a set number of years. With full term cover, you are protected against any loss of income due to illness or injury for the entire term of the policy, provided you continue to pay the premiums. This type of coverage can provide you with peace of mind knowing that you are protected for the long-term, and it can be especially valuable if you work in a high-risk job or have dependents who rely on your income. It’s important to note that the cost of full term cover can be higher than shorter-term policies, but it can be worth the investment if you want to ensure that you are fully protected against any potential loss of income.

Budget Cover

Provides coverage at a lower cost than other types of income protection policies. It typically offers lower benefit amounts and may have a shorter benefit period, but can still provide financial support in the event that you are unable to work due to illness or injury. Budget cover is designed to provide affordable protection for individuals who may not be able to afford the higher premiums associated with more comprehensive policies. While budget cover may have some limitations in terms of coverage, it can still be a valuable option for those who want to protect their income and financial stability at a more affordable cost. It’s important to carefully consider the terms and coverage of any income protection policy, including budget cover, to ensure that it meets your specific needs and circumstances.

Personal Sick Pay Cover

Designed to provide coverage for short-term periods of illness or injury. It typically offers a shorter benefit period than other types of income protection policies and may have lower benefit amounts. With personal sick pay cover, you are protected against any loss of income due to illness or injury for a limited period of time, usually up to 2 years. This type of coverage can be useful for individuals who have sick pay benefits from their employer but want additional protection in case they need more time off work due to illness or injury. It’s important to note that personal sick pay cover is not intended to provide long-term protection, but can still offer valuable support during short-term periods of incapacity. As with any type of income protection policy, it’s important to carefully review the terms and coverage to ensure that it meets your specific needs and circumstances.

Speak to us about protecting what matters most.

If you're interested in protecting what matters most and securing your family or business financial future, we're here to help.

We're experts in what we do and will provide a solution tailored to you and your requirements. Our team of experts will work closely with you to find the right coverage at the right price. Get started today.

What’s covered with income protection?

Income protection insurance typically covers a portion of your income if you are unable to work due to illness or injury. The specific coverage and benefits can vary depending on the terms of your policy, but in general, income protection insurance can cover:

  • Typically, income protection insurance can cover up to 60% of your pre-tax income.
  • Illness or injury: Income protection insurance covers incapacity due to both physical and mental illnesses, as well as injuries, that prevent you from working.
  • Benefit period: The benefit period is the length of time that benefits will be paid. It can vary from a few months to several years, depending on the policy.
  • Tax-free payments: Income protection benefits are usually tax-free, which means that you don't have to pay income tax on the payments.

It is worth noting that pre-existing medical conditions are typically excluded.

Not what you’re looking for? 

There are lots of protection options available, we can offer them as a stand alone policy or we can tailor a policy to suit your needs. 

Life Insurance

Ensures financial stability for your family.

Critical Illness

Pays out when you are diagnosed with one of the illnesses covered.

Private Medical

Consultations, diagnosis & treatment for minor or major medical conditions.