If you couldn't work due to illness how would
you cope financially?
Most people think "it will never happen to me". Unfortunately, if it does
happen to you it will be too late to do anything about it.
Consider this, if your income stops or is reduced as a result of illness
this may affect
- ability to service debts (e.g. mortgage, credit cards)
- retirement planning
- day to day living expenses
- hobbies
- children's education
Income protection is designed to pay a benefit for a pre-defined period (e.g.
retirement age) or until you make a recovery, whichever comes first. The benefit
is payable after a deferred period (e.g. 1-12 months); a longer deferred period
reduces the premium paid for the benefit. Your occupation will also have a bearing
on the premium.
The amount of benefit that you can secure will be a percentage
of your earned income and is paid tax free.
The benefits provided by the state are inadequate. This is particularly true for
people that are self employed.
We insure our homes and cars - why not insure our
income, this pays for our lifestyle.
To find out more about Income Protection policies
please contact us. As independent financial advisers we are able to trawl the
market for the most comprehensive policies at the best prices.
