Income Protection
What is it? What does it do? If you are employed you are entitled to sick pay, however if you are self-employed then you may not benefit from this protection. It may be worth checking what would happen in the event of a long-term illness? Lots of companies provide suitable schemes for their employees; however the range and quality of cover can vary.
An employer is obliged to pay statutory sick pay for up to 28 weeks. Currently Statutory Sick Pay (SSP) is £99.35 per week (Source Direct.gov.uk Nov 2022). Would this be enough to cover your monthly bills and lifestyle quality?
So what does income protection do?It provides you with peace of mind. Income Protection pays you a regular income to cover any financial commitments you have should you be unable to work due to long term illness or disability. You can look to reduce your monthly premium by choosing a longer waiting period before the first payment is made to you – this is called the ‘deferred period’. For example a 6 month waiting period compared to a 1 month deferred period could cut the premium by around 50%. The longer the waiting period you choose, the lower your monthly premium will be. | Would you struggle to pay your bills if you couldn’t work?If the answer is ‘yes’ then please contact Altogether Financial Solutions who can provide you with a personalised illustration and if you then are happy to proceed we can then put in force a simple, yet vital policy to support you. Contact our Baildon Offices: |
So what does income protection do?
It provides you with peace of mind. Income Protection pays you a regular income to cover any financial commitments you have should you be unable to work due to long term illness or disability.
You can look to reduce your monthly premium by choosing a longer waiting period before the first payment is made to you – this is called the ‘deferred period’. For example a 6 month waiting period compared to a 1 month deferred period could cut the premium by around 50%. The longer the waiting period you choose, the lower your monthly premium will be.
Would you struggle to pay your bills if you couldn’t work?
If the answer is ‘yes’ then please contact Altogether Financial Solutions who can provide you with a personalised illustration and if you then are happy to proceed we can then put in force a simple, yet vital policy to support you.
Contact our Baildon Offices:
Call 01274 590944
email: save@altogetherfinancial.co.uk
Please note for these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.