Income Protection – Often described as a ‘nice to have’, rather than a, ‘must have’. Income Protection insurance replaces your salary every month if you can no longer do your job due to an accident, injury or illness. Who wouldn’t want that!?
From our experience, people tend to overestimate how much Income Protection costs! This is why the conversation we have with you about this type of insurance is to make sure we truly understand what you need to give you enough financial protection. Before we make a tailored recommendation for what we believe would be the best Income Protection policy for you. Part of this process includes us searching a panel of providers, to ensure we find you the right plan to suit your needs. Think of it as us doing all the legwork so you don’t have to!
Once we’ve gone through the quote and you’re ready to take the next step, we will take you through the application stage, which includes a health and lifestyle questionnaire, so we can set the policy up. We can answer any further questions you might have, make sure everything’s completed correctly, and get your direct debit for your monthly premiums set up on the date of your choosing.
We’ll also help with any forms that need signing and make sure that all relevant documents are sent out by email or post.
Then you can relax!
Income Protection ServicesQ&A
What is Income Protection?
If you are unable to work due to an illness or injury your insurance company will pay out a lump sum to cover your bills and living expenses until you are able to return. For those with a desk job, or an average 9-5, this is relatively straightforward – and often not as expensive as you might think!
Those with more ‘high-risk’ jobs could find that their premiums to be a bit higher, but with lots of options we can find an option to suit any budget!
What is classed as a ‘High-Risk’ job?
The first things that probably come to mind are occupations such as, soldier, firefighter, police officer; and you would be correct. These jobs require you to put yourself in dangerous situations every day. But ‘high-risk’ jobs can also include those who work within the agricultural industry or the construction industry; anything involving heights or heavy machinery….even cleaners could be considered ‘high-risk’ depending on whether they work with harsh chemicals etc.
This doesn’t mean that you can’t get Income protection, or even that your premiums will be sky high, it just means that these are things that an insurer will take into account when giving you a quote.
Can I get Income Protection if I’m self-employed?
Yes! And it’s important to do so! If you are self-employed you’re not covered by an employees insurance, so the onus is all on you; if you were to become ill or have an accident meaning you’re unable to work then you would have no income.
I would always advise those who are self-employed to get Income Protection (sometimes known as ‘Self-employed sick pay insurance’ or ‘income replacement insurance’). If you are self-employed or thinking about becoming self-employed then in my opinion Income Protection is one of the most important insurance policies to consider.
Does Income Protection pay out if I die?
Income Protection replaces part of your income if you can’t work due to illness or disability and pays out until you can start working again, or until you retire, die, or at the end of your policy term – whichever comes first.
Does Income Protection pay out if I lose my job?
There is a form of Income Protection, often called unemployment insurance that can pay out if you lose your job. This type of insurance replaces a portion of your salary and typically pays out over a fixed period of 12 months or longer
These are some of the most common questions asked about Income Protection, but it’s certainly not an exhaustive list! If you have any other questions about Income Protection, or you would like us to find the right policy for you, drop us a line and we’ll be happy to help.