Income Protection Insurance
Can you pay your bills if you are sick or injured – Income Protection Insurance can help.
If you are unfortunate to be off work due to an accident or illness, this type of insurance will pay a monthly benefit to cover your regular financial commitments such as mortgage/rent, utilities and other bills. Income protection insurance is paid tax free, it allows you to concentrate on your recovery rather than worrying if your savings can support you through your recovery.
Some policies pay from day one, others have a deferred period of 4 weeks, 13 weeks, 26 weeks 52 weeks or up to 2 years. The longer the deferred period, the cheaper the premium
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Some of the key features include:
- Protect your income right up to your expected retirement age.
- Choose when you need the policy to start paying a claim.
- Make multiple claims over the course of the policy.
- Pay your main monthly financial bills.
- Payments are tax free under the current rules, although this can change in the future.
Income protection for self-employed people
People who are self-employed often consider income protection insurance. Self-employed people rely on good health to make sure their business stays on track. If a self-employed person is unable to work, income stops but the bill does not. A self-employed person may also be responsible for the employment of others and may also have business premises to pay rent or mortgage. These are commitments apart from their personal bills.
Have you considered the impact on your family should you be unable to work through an accident or illness?
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Disclaimer: Financial Service Solutions Ltd has never now or has ever been involved with any companies of a similar name. Financial Service Solutions Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421
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