Illness or physical injury can stop you from working at anytime. Although your employer may provide you with a level of sick pay for a certain period of time, it may not be enough to maintain your income requirements.
Income Protection Insurance is designed to protect you from this uncertainty by providing you with a regular monthly income until you are able to return to work.
The amount of cover is based on a percentage of your gross earnings (in most cases 50 – 70%).
There is no limit on the number of claims you can make and if you are unable to work again, this benefit can be paid until you retirement age.
You can decide when you want the benefit to commence:
- If you are provided with a sick pay from your employer for a specified period of time you can choose a waiting period that coincides with your sick pay arrangements and you can choose Deferred Period Cover,
- If no employer benefit is available, you can choose a cover with a benefit payment commencing from the day you are declared unfit for work (it is called Day 1 Cover).
Our advisers will be more than happy to take you through the various alternatives giving you the confidence to make the right choice.