{"id":653,"date":"2020-05-26T11:57:41","date_gmt":"2020-05-26T09:57:41","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=653"},"modified":"2023-04-19T08:07:34","modified_gmt":"2023-04-19T06:07:34","slug":"protecting-your-income-need-to-knows","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/protecting-your-income-need-to-knows\/","title":{"rendered":"Protecting your income \u2013 need to knows"},"content":{"rendered":"

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\u2019s easy to see how it might become difficult to pay what is likely to be your largest monthly outgoing.<\/em><\/p>\n

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<\/p>\n

\u2013 Monthly cover <\/strong>\u2013 the higher the cover, the more expensive your premiums will be. There is a maximum cover level of around 60% of earnings after tax<\/p>\n

\u2013 Payment duration <\/strong>\u2013 accident and sickness policies typically pay out for 12 or 24 months, whereas income protection plans provide cover up to retirement age<\/p>\n

\u2013 Waiting period <\/strong>\u2013 the length of time you\u2019d be off work before the policy starts paying out. The shorter this period, the higher the premiums<\/p>\n

\u2013 Parent cover <\/strong>\u2013 cover for if you need to take time off to look after a dependent child<\/p>\n

\u2013 Death benefit <\/strong>\u2013 included in some policies. What else do I need to know? Premiums will depend on factors such<\/p>\n

as your age, health and the type of work you do.<\/p>\n

One insurer recently stated, \u2018We don\u2019t exclude coronavirus from<\/em> any of the policies,\u2019 <\/em>but \u2018We\u2019ve added<\/em> some new questions about coronavirus<\/em> that you\u2019ll need to answer if applying for<\/em> a new policy.\u2019 <\/em>Ask for the latest information about coronavirus and income protection.<\/p>\n

\ud83d\udea8 Data accurate as of the date of publication \u2013 26.05.2020.<\/p>\n

\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n

Source: Quilter Financial Planning – Essentially Mortgages Q2 2020<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s easy to see how it might become difficult to pay what is likely to be your largest monthly outgoing. Income protection insurance has […]<\/p>\n","protected":false},"author":1,"featured_media":650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nProtecting your income \u2013 need to knows - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"Income protection w UK, ma do odegrania istotn\u0105 rol\u0119 Mo\u017ce zapewni\u0107 dodatkowe fundusze, je\u015bli zostaniesz wykluczony z pracy z powodu choroby\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pfadvisors.co.uk\/en\/protecting-your-income-need-to-knows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Protecting your income \u2013 need to knows - 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