It might seem like a strange question but we need to become more aware of the need to insure ourselves like we insure our cars and our houses.

If we think of it, we are our own money making machine; if we could not work, we would not have income to pay for all our bills.  We routinely insure our car and our home should we be left without them.  But we do not think of ourselves with the same need to be insured – we should!

So put simply, what is Income Protection?

Income protection insurance is a long-term insurance policy to help you if you can’t work because you’re ill or injured.
• It replaces part of your income if you can’t work because you become ill or disabled.
• It pays out until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner.
• There’s a waiting period before the payments start. You generally set payments to start after your sick pay ends if you have such an entitlement. The longer you wait, the lower the monthly payments.
• You can claim as many times as you need to, while the policy lasts.

Based on the above, it would obviously be an invaluable benefit to have, should it be required.

It is definitely an area which should be assessed with you to see if it is required and we can advise of all options. For instance if you are entitled to sick pay for 6 months through your employment, then we defer payment of the income protection plan for 6 months, thereby reducing the monthly premium. You may have in place an emergency fund/savings funds thereby again giving you the option to take out a plan with a longer deferred period (with payment starting at a later stage).

As I’ve mentioned we protect our house and our car, perhaps even our phone! How can we even think about not protecting ourselves?

If you wish to consider your options, do give us a call.