Many people have a sick pay benefit with their employment, but what happens if you are ill for a longer period?
If you were to suffer sever back pain or stress related illness, these are not covered with a critical illness policy, but are covered with income protection. The basic questions are whether you have a medical certificate and has the waiting period ended? If the answers are yes, then the benefit becomes payable until you return to work, the policy term ends or you die.
Income protection can be set up to cover a percentage of your income up to the time that you would have retired, or perhaps you would want to know that your biggest financial commitments would be covered. We can arrange cover that protects the family home, with the mortgage and associated costs such as Council Tax and anticipated maintenance costs insured (subject to status).
The benefit is paid tax free. Once the policy is issued, the insurance company cannot cancel it unless you cancel your payments, no matter how many times you receive a benefit.
Indexation can be included, which allows the benefit to increase in life with the Retail Price Index (usually to a maximum of 10% per annum).
If you think we could be of assistance, please contact us here.