Income Protection Insurance is a policy that pays out in the event that you are unable to work because of illness or injury. There are various options available. You could chose to cover yourself for a few years, or until you are able to return to work or your retirement if that comes first.
Following a claim most policies usually pay out a monthly payment of up to 70% of your earnings which will enable you to carry on paying your essential outgoings.
Some employers do provide sick pay for their employees, however this is usually for a limited period of time and often a much lower amount than their actual wage would be.
Therefore more and more people are now realising how important this cover is to protect themselves and their families from financial difficulty.
You have options as to when you would want the policy to start paying out following a claim. This is called the deferral period and will usually range from 4 weeks to 12 months after the claim is made.
If you are Self Employed it is an extremely important cover to consider. Unless you have some savings – you could be left with no income coming in whatsoever which could cause severe financial difficulty.
For further information contact us today and we will arrange a no obligation quotation on a day and time to suit your commitments.