‍Income Protection Cover

Everyone should seriously think about this. While life insurance and critical illness coverage are essential for serious health issues and death, the reality is that we are far more likely to need time off work for less severe conditions.

For many, relying solely on statutory sick pay of £116.75 per week is insufficient to cover even basic necessities. Prolonged illness can lead to significant financial strain.

Unfortunately, a large percentage of the population remains unaware of how income protection works, its costs, and the benefits it offers. This type of coverage is especially beneficial for self-employed individuals, making it a worthwhile investment in most situations.

By paying a modest monthly premium based on your age and health, you can receive a much larger sum if you find yourself unable to work. This financial support can help you manage your mortgage, maintain your living situation, and ensure you have food on the table. Given the rising cost of living, securing income protection is arguably more crucial than ever.

The majority of individuals are eligible for coverage, with varying degrees of necessity among them. Some, like landlords who earn from rental properties, can still generate income even when they are unable to work physically. However, for most of us, our jobs are tied directly to our ability to work; if we can't perform our duties, we lose our income.

This is especially critical for those who do not receive sick pay from their employers, which applies to a significant portion of the workforce today, except for those in public sector roles. Additionally, there has been a persistent myth that self-employed individuals are ineligible for income protection, but that is far from the truth. They absolutely can secure this vital coverage.

One of the most significant advantages of income protection is that it ensures individuals can maintain their financial obligations, such as bills, mortgage payments, and debts, even when they are unable to work due to illness or injury. This insurance provides a monthly income, allowing you to cover your essential expenses without added stress.

It is crucial to consider how taking time off work could affect your finances and those of your family. We will work closely with you to evaluate the consequences of stepping away from your job for six months or even a year. Without sick pay, many individuals find it challenging to manage without their regular income.

We will outline the available options and provide you with a quote for appropriate coverage. If you agree with the terms, we will proceed to establish the policy for you. Our primary goal is to ensure that you fully comprehend whether this protection is necessary, how it can benefit you, and what you can anticipate.

If you are contemplating income protection, the most effective step is to engage in a discussion with a broker like Shaw-Smyth to understand what it entails for your situation. We are more than willing to offer our advice completely free of charge.