1. Who should takje out income protection?
- If you are self-employed you are unlikely to benefit from sick pay and won’t be entitled to State Illness Benefit, so Income Protection is the best way to protect your lifestyle.
- If you are employed, company sick pay usually runs out after 6 months and you would then have to rely on State Illness Benefit which is unlikely to support your lifestyle.
2. How does income protection work?
- You choose the amount of your income that you want to protect – up to 75%.
- You choose the waiting period after which your benefits apply – usually between 13 and 52 weeks.
- Receive up to 41% tax relief on the premiums paid.
- If you then suffer an illness or injury which stops you earning an income, after the waiting period your policy will pay you a replacement income.
- Guarantee the most competitive premium available between all providers.