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Protecting your income – need to knows

26 May 2020

Many people miss paying their rent or mortgage because illness or injury prevents them from working. If the only money you have coming in is sick pay and possibly state benefits, it’s easy to see how it might become difficult to pay what is likely to be your largest monthly outgoing.

Income protection insurance has a vital role to play as it can provide funds if you are forced off work due to illness or accident. Arrange a plan to suit your own needs

Monthly cover – the higher the cover, the more expensive your premiums will be. There is a maximum cover level of around 60% of earnings after tax

Payment duration – accident and sickness policies typically pay out for 12 or 24 months, whereas income protection plans provide cover up to retirement age

Waiting period – the length of time you’d be off work before the policy starts paying out. The shorter this period, the higher the premiums

Parent cover – cover for if you need to take time off to look after a dependent child

Death benefit – included in some policies. What else do I need to know? Premiums will depend on factors such

as your age, health and the type of work you do.

One insurer recently stated, ‘We don’t exclude coronavirus from any of the policies,’ but ‘We’ve added some new questions about coronavirus that you’ll need to answer if applying for a new policy.’ Ask for the latest information about coronavirus and income protection.

This material is for information purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance or any other financial product, you must obtain individual advice regarding your requirements and general policy conditions. The presented information & data are valid at the time of publishing.

Source: Quilter Financial Planning – Essentially Mortgages Q2 2020

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