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31.07.2024

Why you need income protection insurance

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

Why you need income protection insurance

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  • Do you ever think about how you would cover your monthly bills if you fell ill and couldn’t work? Possibly not. Not many of us do but did you know that there’s an insurance product called income protection insurance that can replace your income in this situation.
What is income protection insurance?
  • Income protection insurance is designed to help you and your family cover your regular outgoings and maintain your lifestyle, should illness strike and you become unable to work. The product pays a tax-free monthly benefit, usually up to 60% of your gross monthly income, while you recover and get back on your feet, and keeps paying until you return to work, your policy comes to an end, or you retire.
Do I need income protection insurance?
  • For most, the answer to this question is ‘yes’, but many simply don’t realise that they need it.
  • No one likes to think about illness. We know that it happens, but many of us don’t think it’ll happen to us. In fact, a 35-year-old has a 34% chance of falling ill and being unable to work for two months or more.
  • Savings can act as a great buffer, but up to a third (34%) of adults had either no savings (or less than £1,000) in a savings account. How long would your savings last? And the more important question might be, would you actually want to use your savings? Income protection insurance protects you financially against the chance of falling ill and being unable to work, so your savings can stay exactly where they are.
  • Many people overestimate the financial support available from their employer. Most employees are entitled to Statutory Sick Pay of £116.75 per week for 28 weeks but what do you get in addition to this? Would you need additional support, or would £116.75 per week be enough for you and your family? On the other hand, self-employed individuals have no employer support, so for them, income protection insurance becomes an extremely important product.
  • You may already have a critical illness insurance policy which pays out a tax-free lump sum amount of money if you fall ill with one of the conditions covered by your policy. This money can be used as you like and could replace your income if you were unable to work.
  • Once a critical illness insurance policy has paid out the full cover amount, the policy will come to an end, so you won’t be protected against future illness. Income protection insurance, on the other hand, allows you to make multiple claims on the same policy.
  • Unlike life insurance, which is designed to help protect families financially in the event of losing a loved one, income protection insurance is designed for everyone. That’s because most of us earn a regular income and would struggle financially to cover our outgoings if we were unable to work.
  • Protection planning
  • IFA
  • Self employed
  • Income Protection
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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