What is it?

An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to illness or injury. Plans of this type continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age). 

This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.

Who is it for?

This type of plan is designed for working people (whether employed or self employed) who earn an income to protect. It’s worth pointing out that even if your employer provides sick pay, it is likely to be for a short period of 3 or 6 months and it is unlikely to last for longer than twelve months. So ongoing longer term income protection is essential. Plans can be adapted to fit in with any existing protection you might have. For example, if your employer pays you sick pay for the first 6 months of illness, your income protection plan can be tailored to kick in after 6 months and since there will be no insurance pay out during the first 6 months, your plan can be much cheaper. As advisers we can help you find the plan that best meets your requirements.