Income Protection Cover
Only about 1/10 companies provide sick cover to employees for more than a year. So when illness strikes, who’s going to foot your bills?
What You Get With Income Protection Cover
- Regular payments to sustain your lifestyle & your household.
- Between 50-70% of your usual earnings, tax free, however long it takes you to recover.
- Provides you and your family with huge peace of mind.
- Government sick pay is just £88.45 per week, yet average outgoings total more than £400.
- Add on cover for redundancy or unemployment too.
Frequently Asked Questions
It replaces part of your income if you can’t work for a while because you’re ill or disabled. It pays out until you can start working again or until you retire or the end of the policy term whichever is sooner. There’s a waiting period before the payments start. You generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the premiums.
It’s not the same as short-term income protection, which also pays out a monthly sum related to your income, but only for a limited period of time (normally between two and five years) and usually covers fewer illnesses.
- pre-existing medical conditions (any illness you already knew about when you bought the policy)
- normal pregnancy
- self-inflicted injury
- disabilities or illnesses that are due to criminal acts
- misuse of alcohol or drugs
- disabilities or illnesses if you are involved in war, riots, invasion, or terrorism
If you have existing health problems or a dangerous job you might not be able to get cover at all.
You’re most likely to need it if you’re self-employed or employed and you don’t have sick pay to fall back on.
You also need to be sure you can keep paying the premiums, which can be expensive. You need to set your premiums at a level you can afford to balance your current budget against the peace of mind that having income protection cover gives.
You can concentrate on getting well, whilst the policy covers your bills until you’re able to return to work, you retire or the cover ends, whichever is soonest.
If you would like a plan which offers a lump sum to help with costs should you be diagnosed with a serious illness, take a look at our Critical Illness Cover.
The team at Westcountry Health Care will help find a plan you can afford – the cost doesn’t have to be huge, but the benefit will be enormous. Give us a call today and relax tomorrow, knowing your future is secured.
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