Income Protection Insurance in Taunton and Somerset
If you owned a machine that churned out money each month, you would probably get it insured. But as you go out to work for your income, do you insure yourself? How would you manage if your normal income deceased, or worse, suddenly ceased altogether? If you couldn’t provide for yourself or your family, what would you do? Income protection could be the answer.
Each year, one million people find themselves unable to work due to serious illness or unexpected injury.
Whether or not you have children or any other dependants doesn’t matter – anyone can become ill and if you were unable to pay your bills because of illness, you should consider income protection insurance.
If you are self-employed, you won’t have sick pay to fall back on and if you are employed and do get some sick pay, it may not actually be enough to cover your bills. It is worth checking what your employer will provide in the event you had to take time of work due to illness.
Income protection insurance is an insurance policy which is designed to help if you find you cannot work because you become ill or injured. It can cover your entire working life if required.
It ensures you continue to receive a regular monthly income until you retire or when you are able to return to work.
• It substitutes part of your income – if you cannot work because you become ill or disabled.
• It pays out until you are able to start working again – or until you retire, die or the policy term ends – whichever comes sooner.
• There’s often a waiting/deferral period before the payments begin – you would typically set payments to start once your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly premiums.
• It will cover most illnesses that leave you unable to work – either in the short or long term (this will depend on the type of policy and its definition of incapacity).
• You can claim multiple times, as and when you need to – while the policy remains active.
Protect Your Income To Bring Complete Peace Of Mind
When it comes to income protection insurance, everything depends on getting the right policy in place – so it’s best to get advice from an independent broker like Aspire Financial Services
NOTE – This is very different to critical illness insurance, which will pay out a one-off lump sum if you have a specific serious illness.
Why not book a 30 minute free consultation to find out what Income Protection Insurance could offer you.