Why would you need income protection? Think about it for a moment. You’re probably more likely to be off work sick, than you are to pass away before retirement. Therefore, income protection insurance may protect your family better than ordinary life insurance.
Income protection insurance would start paying out if you were unable to work. For instance, if you got sick or injured, the insurer will pay out an agreed upon some to you and your family.
Unlike state benefits, which can change with government policy; this cover is a legal contract and a promise to you that won’t change. In addition to this, Statutory Sick Pay (SSP) is £96 a week for most people. Almost 66% of employers think this is too low for their employees to survive on.
Therefore, in most cases, Income Protection Insurance proves to be the best way to protect your family in the event that you can’t work.
Life Insurance typically pays out a lump sum upon the policy holder’s death. However, with income protection, monthly payments from the insurer are more common.
How do this work? Well, if you were unable to work due to a serious injury or illness, the insurer will pay out. Unlike the lump sum synonymous with life insurance, income protection pays out a monthly figure.
This can aid with hospital bills, renovating your home, or simply making ends meet after the loss of an income.
DDS Marketing LTD T/A Cover Your Life - Cover Your Life are not FCA Registered and we do not offer advice, we simply put you in contact with a FCA approved firm for your life insurance requirements.
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