Income protection insurance or sometimes known as permanent health insurance aims to give you an income if you cannot work in the event of an accident, sickness or illness.
The amount of cover can be anything up to 75% of your normal wage, less any state benefits you receive. Eg somebody may want to receive their full income if not at work and being paid so would probably take out 50% of their income as an Income Protection Insurance policy relying on additional state benefits.
Every claim paid out for an income protection insurance policy are tax free and usually continues until you return to work/recover or the policy reaches its expiry date. For example, you can take out a policy that will finish on the date of your likely retirement, say at age 60 or 65.
Income protection insurance does not cover redundancy, for details on redundancy insurance please read our section on redundancy cover uner the house insurance/mortgages section.
If you have some bills that would definitely need paying, such as maintenance payments, a mortgage and mortgage associated bills and you were not working and probably not not receiving an income, how would these bills be met? In many situations and occasions they cannot be met causing much stress and credit defaults that you would obviously not want to burden you or your family with so the simple solution to that problem would be to take out Income Protection Insurance.
You dont have to be self employed to take Income Protection Insurance out, an employed person can just as easily find themselves without an income coming in if they were on longer term sickness from work.
Call or contact us for some more imformation or if its just a quote you want, don't hesitate to pick up the phone and call.
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