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Income Protection

Income Protection

Running your own business can be daunting when it comes to financial risk. We can advise on policies that could start paying your benefit from seven days of being incapacitated, to give you greater financial security. Income Protection Cover gives you a monthly tax-free income, which can be used to help pay your bills, your mortgage or even medical costs whilst you recover.

 

Our life assurance options will help protect your business loan or mortgage

Income protection cover pays out a monthly income if you can't work due to illness, injury or disability. Popular with the self-employed, this insurance is can be taken out on its own but is commonly taken out alongside a life assurance policy.

 

What are the options?

We offer a range of income protection solutions, so you can choose the cover that meets your individual needs. Terms and conditions will apply and cover options will depend on your specific circumstances. Please contact us for an initial discussion of your requirements

 

How does it work?

  • The insured person will receive a monthly income until they can return to work, they reach retirement age, or they die
  • For some types of income protection policies, you could get a recovery benefit which gives you access to up to £2,000 worth of specialist care and support to help aid your recovery and return to work
  • The cover is based on a percentage of the individual’s annual income (including benefits) – usually 50%*
  • The monthly income payments can be fixed, or index-linked to increase by a fixed percentage each year
  • You have the option to fix your premiums throughout the policy term, regardless of your claims history, so they won’t go up.
  • Payments are deferred for a pre-agreed period; during this time, you’ll be expected to cover your loss of income from other sources.

    *If self-employed, your income is your trading profits for the last tax year.