Income Protection
Did you know?
It’s a common fact that many employers do not offer sick pay. Depending on your circumstances, you could find yourself on Statutory Sick Pay (SSP) opposed to your normal income. Currently, SSP is £88.45 per week for a period of unto 28 weeks. Could you manage on £88.45 per week?
None of us can predict when sickness may strike or how serious it is – but there’s a simple way you can get peace of mind. Income protection can protect you from a short or long term absence from work due to illness.
Short term sickness cover (lifestyle)
Our Lifestyle Cover insurance is a short-term Income Protection policy that runs for 12 months and has to be renewed every year. It can help you to maintain your standard of living if you can’t work due to an accident or sickness.
You could receive up to 65% of your gross monthly income for up to 12 months, protecting more than just your mortgage or rent payments and helping you to meet your other financial commitments.
Control
The monthly benefit is paid directly to you.
It protects more than just your mortgage or rent payments.
You can cover other financial commitments such as: your phone or utility (gas, electricity and water) bills, childcare or gym membership.
Important information
There are other providers of short-term Income Protection and other products designed to protect you against loss of income. Our Lifestyle Cover insurance typically costs £4.71 a month for every £100 of monthly benefit. This is based on a 36-year-old customer choosing £850 of accident, sickness and unemployment monthly benefit with claims paid after a 30-day deferred period.
The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.
Longer term Income protection
Many people may have protection cover in place to help protect a mortgage or a loan. But the mortgage isn’t usually the only payment we need to make each month. What about helping to cover everyday bills and expenses? Utility bills, food shopping, travel costs, childcare…the list could go on. Take a moment to consider all the other things you pay for on a monthly basis, and do so without really thinking about it.
If you were unable to work, and were not receiving the income you’re used to – how would you continue to pay for these things? How would your life change?
Help protect your income in case at some point in the future an illness or injury prevents you from working, resulting in loss of earnings. This monthly benefit can be used in any way you wish such as towards income replacement, mortgage payments, monthly expenses, medical care, maintaining your lifestyle and much more.
Unlike the cover above, income protection will continue to pay out until you are well enough to return to work or retirement.