Income Protection

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.

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Income Protection: The Facts

• How much will I receive?  Income Protection Insurance is designed to replace your salary should you become unable to work, through illness, disability or redundancy. This type of insurance is also known as ASU (or Accident, Sickness or Unemployment).  Typically, you would receive half of your gross income, but as this will be tax-free you should receive a similar net income to that which you had before.
• How long will I receive this for? Income Protection Insurance is a relatively short-term solution, and payouts would typically continue for 12 months, to enable you to recover, or to find alternative employment.  You can choose a waiting period when you sign up for the income protection policy, from 4 up to 104 weeks, and this will determine when the policy starts paying out after your income is lost.  This means that if you receive statutory sick pay or redundancy pay, you can choose to take the payouts after these have finished.
• Is it right for me?  Consider the implications if you were to lose your income unexpectedly.  It is unlikely that the State benefits will be able to cover you for all of the financial commitments we all have in our lives, and income protection insurance is there to fill the gap. This type of protection is designed to help you and your family when you need it most.