How Income Protection Works?

Income protection is designed to provide you with a replacement income in the event you were unable to work due to an accident or sickness. The amount of cover provided is up to 65% of your income which would see clients being able to afford their core bills monthly. 

If you are employed and have sick pay with your employer, then income protection is designed to take effect once your sick pay with your existing employer comes to an end. For example, If your current sick pay with your employer is covered as full pay for the first 13 weeks of incapacity and you do not have an income protection plan, then after 13 weeks if you were still unable to work and had no savings, you would have to rely on statutory sick pay which is just not feasible for many people. If you did have a policy then it would pay out a certain amount after the 13 weeks so you would still be able to maintain your standard of living. 

Income Protection is also ideal for self-employed individuals or contractors who rely solely on themselves and will not have access to employee benefits such as sick pay from an employer in the event of an accident or illness. 

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Whether you are employed or self-employed income protection is a policy suitable for either employment status and a review will be required to identify what cover is most suited and how much cover would be sufficient. 

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Get in touch to discuss what you need!

It is important to review your existing plans annually to ensure you have the right level of cover in place. Book an appointment with us to review your policies or for us to provide you with advice on what policies you may need. Alternatively, please contact us on 0800 0495949 to arrange a mutually convenient time for a telephone discussion or Email us at info@pearlroseinsure.co.uk. There is no cost or obligation. We will have a chat about what you have or need and how you can save money on your insurance.