Income Protection Insurance

Your health is your wealth. Sometimes literally.

Your health is your wealth, sometimes even literally. If you suddenly found yourself unable to work, do you have a plan to support yourself or your family? If not, Income Protection Insurance might work for you.

Income Protection Insurance provides you with regular payments in the event you can no longer work due to an accident or illness. Unfortunately, state benefits in this situation are usually much lower than average incomes. With insurance, you’ll typically receive about 70% of your gross earnings (this may be less for higher earners) minus state benefits.

Bear in mind that only employment lost due to accidents and illnesses are covered, and even then there are some exceptions. Illness caused by alcohol or drug addictions and pregnancy are not covered, nor are accidents due to criminal activity or self-harm.

Income Protection Insurance is not a substitute for Health Insurance or Life Assurance, both of which you may also want to invest in. Policies vary greatly, which means prices do too. Some offer protection to you if you’re rendered unable to work in your current job, while others cover you if you’re unable to work in any kind of job. With some policies, cover kicks in after a few weeks while with others it can take a few months.

If you’re considering investing in Income Protection Insurance, talk to us about your options. Our expert advisors will be with you every step of the way, from finding the right policy, to support should you need to claim.

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