What is Income Protection Cover?
You never know what’s around the corner. With an Income Protection Plan you can rest easy knowing that whatever life throws your way, you’ll have the financial means to support yourself and your family.
An Income Protection plan is designed to pay out a regular monthly income in the event you are unable to work due to an accident or illness. Income protection plans continue to pay out an income until you die, are able to return to work or up until the end of the policy term.
The policy term tends to end either when you reach your planned retirement age or the end date of your mortgage.
This type of plan is quite often seen as the foundation of any financial planning as without income, you would struggle to afford most things in life.
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Who is Income Protection Cover For?
Income Protection is designed for anyone who’s working, either employed or self-employed. Even if your employer provides sick pay, it is unlikely to last for longer than six months and so having a protection plan in place will keep your mind at ease. Income protection plans can be adapted to fit in with any benefits you already have from your employer.
The Different Types of Income Protection
When choosing the right Income Protection policy for you, it’s important to seek reliable advice. Within the below types of Income Protection, there are different kinds of policies depending on your work circumstances.
The two main categories of income protection are:
- Short-term Income Protection policies
Often known as Accident, Sickness and Unemployment (ASU) plans, these short-term income protection policies tend to pay out for a period of one or two years.
- Long-term Income Protection policies
This will provide a regular income until you are able to return to work after an illness or accident.
Not sure what’s right for you? Get in touch and our expert advisers will help find the best deal for you.