Income Protection Insurance will pay benefits to policyholders who encounter illness, injury or disability that cause them to be unable to go to work each day. The policy will protect the beneficiary until they are able to return to work, they retire, or the contract term expires.
Employers are legally obliged to provide statutory sick pay for up to 28 days, but this will not match your normal earnings, and Income Protection cover is designed to make up the shortfall. If after this initial period you are still unable to work, the cover will add to the state benefits you are entitled to receive. An income Protection policy enables you to receive a substantial proportion of your gross income. This means that if you were unable to go to work because of an injury or illness, you would still be able to meet your financial commitments and cover your living costs. There are different levels of cover available, so to find the best policy to meet your needs, simply fill out the short form and we will connect you to an experienced advisor from the SimplyFinance network.