Income Protection

The aim of this is to provide an income should you be off work through Illness so that you could still pay the bills, mortgage or rent, looking after the family etc.

You would normally choose how quickly you would need to start to receive the money, options are usually to start paying out after 4 weeks, 8 weeks, 13 weeks, 26 weeks or 52 weeks, the quicker you need the money to pay out the more expensive the monthly payments are, you would also choose the amount you would want to receive each month. This would normally be a percentage of your normal earned income or net profit if self-employed.

Finally you would choose how long you would want the cover to last if ill, for example if you decided you would need the cover until you retire, if you made a claim and could never work again, the money would carry on to be paid to you until you retire.

You can also have the income increasing, so that the amount you receive each month would increase to offset the cost of things increasing, if you had the amount increasing then the monthly payments would also increase each year.