Income Protection - Exeter, Plymouth, Taunton, Torquay PDF Print E-mail
How would you pay the bills if you were too ill to work? Income protection, rather than payment protection insurance, should be your first choice
Income Protection is designed to pay a regular income if you are unable to work due to long term sickness or an accident.

Income Protection is an insurance policy which provides you with a regular tax-free income if you can’t work because of illness or disability. The benefit paid is up to a maximum percentage of your earnings – often 50% or 60%.

Policies pay out after you have been off work for a period of time known as the ‘deferred period’, and will continue to pay out until you can get back to work or until the end of the policy term – usually retirement.

You can choose a deferred period of four, 13, 26 or 52 weeks, depending on how long you may be able to survive on any savings or how long you receive sick pay from your employer.

The longer the deferred period, the lower the cost - for example, with some policies a four week period would cost more than twice as much a month than a 26 week deferred period.

Do I need it?

Ask yourself the following questions. If your answer is no to all three, then you need some form of IP:

  • Will your employer continue to pay you a percentage of your salary indefinitely if you are off sick?
  • If not, and you are part of a couple, could you pay all the bills and live on your partner’s income indefinitely?
  • If not (or you are single) do you have savings you could live off indefinitely?

When a claim is made the insurer will take off other payments you may be receiving, such as payments from other Income Protection policies or any other sickness or accident insurance. They'll also take off a proportion of any income you are still getting from your work.

Premiums start from as little as £5 per month.

Professional Mortgage Services can provide you with an income protection policy from a range of market leading insurers.

Ask for a quotation today.

 

Want to know more? please fill in the form here and we'll be in touch.

 

 
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