Is income protection necessary for better financial security?
The answer is, yes!
Income protection is one of those versatile policies that the general working class is quite often overlooked by, in the UK.
But it might very well be the only one that will pay out when you are stuck in a temporary situation without an income.
Life insurance policy and critical illness cover become purposeful after the death of the policyholder. But they do not cover for the temporary incapacity to work due to an illness or injury.
This is where the income protection policy will be the only option that will pay your bills.
How long does income protection pay out?
The particularities of an income protection policy are all dependent on the type of scheme or policy that you build. It is highly customizable, and the customer is free to set the period of cover, the deferred period, and the cost of the policy according to their preferences.
What is a deferred period?
The deferred period is referred to as merely the waiting period.
This period allows you to make the most out of your statutory sick pay and the income protection cover.
It is highly advised to maintain a delay between getting ill and buying a financial cover. Of course, this can only be put into action when the sick pay you receive is enough to cover for you for the first few weeks of incapacity.
Including a deferred period before the income protection policy becomes active will allow you to save the right amount on your premiums.
Are the benefits affected by an income protection policy?
An income protection policy will never become a hindrance to your customary statutory sick pay or the tax credits. Income protection truly stands for the policyholder and their financial wellbeing.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00