Income Protection

What would happen if you were unable to work for a long period of time and your sick pay from work ran out? Would you and your family still be able to pay your bills and your mortgage or rent? How long would your savings last?

 

Did you know that once your sick pay ends the Statutory Sick Pay (SSP) from the government would only pay you £99.35 a week for up to 28 weeks. Refer to gov.uk site for SSP info. Would this be enough to maintain you current lifestyle and allow you to keep your home?

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Income Protection is designed to ease the pressure in these circumstances. It's an insurance policy that would pay out a monthly income whilst you are unable to work due to accident or illness, meaning that you would still have an income whilst you focus on recovering. The amount you are paid is based on a percentage of your income which differs between providers and policies. Eligibility for this type of product will depend on the type of income you receive and the structure for example whether you are employed or self employed, get in touch to find out more.

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Customers who currently rent...

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People tend to associate income protection with owning a mortgage however, having protection in place when you are in a rental property is just as important. If you find yourself unable to work due to accident or illness you still need to pay rent, utilities and council tax amongst many other things. Having a suitable policy in place will allow you to maintain your lifestyle and keep your independence.

 

To discuss this type of policy in more detail and to understand how this could help you and your family, get in contact to discuss your unique circumstances with an expert.

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