This type of plan is designed for anyone who is working (employed or self employed). Employees with generous sick pay schemes often consider that they do not need such policies.
However, it’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months.
This means that ongoing protection is essential. The good news is that the majority of plans can be adapted to fit in with any existing protection you might have, the ‘waiting time’ before they pay out being set to meet your needs.
More good news comes in the form of reduced premiums when this waiting period is set at 6 months plus.
As advisors we can help you find the plan that best meets your requirements.
These Income Protection plans are designed to pay out a regular income in the event you are unable to work due to an accident, illness or redundancy.
All plans are different with varying conditions, but once triggered, these plans continue to pay out an income for the agreed period.
In some cases, this can be until you are able to return to work or up until the end date of the policy (typically your normal retirement age). Again, it will depend on the policy and the amount you wish to pay for the cover.
This type of plan is quite often seen as the foundation of any financial planning, as it is likely that any other plans you have will not provide sufficient income for the household.
You may well have some other forms of ‘payment-protection-insurance’ in place (for example your mortgage or other borrowings), but alone these are unlikely to cover all of your requirements.
Just some of the providers we use...
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