Income Protection Insurance
Income protection insurance (aka salary protection insurance) provides you with a regular source of income if you can’t work because of sickness or disability. The payment continues until you can return to paid work or retire.
Income protection insurance aims to provide you with replacement income of up to 75% of your salary. This will allow you to keep the essential expenditure in your life on track like your bills and your mortgage without eating into any of your savings. Salary protection insurance also allows you to focus on your recovery and getting better as soon as possible without having to worry about money.
Salary protection insurance pay outs begin after you have been out of work for a certain period of time, usually 12 weeks.
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What does Income Protection Insurance Protect me Against?
Income protection insurance will protect your income against:
- Illness
- Injury
- Accident
- Disability
A salary protection plan does not cover redundancy. It only provides for replacement of income if you are unable to work for a reason that is medically certified.
Why do I need Income Protection Insurance?
If you are unable to work due to injury, illness or disability, you need to have the financial security to be able to stay on top of your bills and maintain your lifestyle.
If you do not have an alternative source of income, how would you maintain the lifestyle that you’ve gotten used to living?
You may be entitled to the state illness benefit, however this is likely to equal only a fraction of your income. To find out more about the state illness benefit and how much you would be likely to receive, click here.
After we complete the review, many employees are delighted to have their options regarding pension planning, salary protection, life protection, savings and investments explained to them so clearly. Not only that, but we can also set up policies for you all online in a very fast and efficient manner.
Get your personalised report today! You have nothing to lose!
What Does the Financial Planning Review Cover?
We review all your pensions and calculate what your retirement income will look like. Based on that analysis, we can recommend a course of action so you can maximise your benefits. Very few employees we talk to have entered full-time employment from day one and stayed with the same employer for their whole working life. Employees call us worried about old pensions, career breaks, job sharing, working abroad, etc. Things are never straightforward until we produce your free report. This is a fantastic no obligation review of your financial wellbeing.
Whether you need to protect you family’s future, mortgage or plan for inheritance taxes, it is key to have the right insurance policy for your needs. Furthermore, as part of the report, we will search the market for the best prices out there.
If you have more than 3-6 months pay in your bank account (your emergency fund), you are faced with questions how to use your money wisely. Should you increase your pension contributions, open a savings account for your children’s education, invest in bonds, etc.? The MadeSimple report makes these questions much easier to answer taking into account your tax position and financial objectives.
Step 1
You – Complete a short online application form
Step 2
We – Generate your personal report that outlines your current benefits.
Step 3
Together – We schedule a review online (we use Zoom, or a platform you may suggest) or over the phone to discuss what options are available to you.
After we complete the review, many employees are delighted to have their options regarding pension planning, salary protection, life protection, savings and investments explained to them so clearly. Not only that, but we can also set up policies for you all online in a very fast and efficient manner.
Get your complimentary, personalised review today! You have nothing to lose!
Income Protection Insurance FAQs
Yes, you can get tax relief on your premiums. Personal tax relief is available of up to 40% on premiums.
If you are a Company director, you can pay for salary protection through the business. The premium can be deducted from corporation tax.
You can make as many claims on your policy as you require, right up until the end of the policy term.
Income protection policies provide a replacement source of income for you when you are unable to work.
This means it is taxed the same way your regular source of income would be.
An income protection plan does not cover redundancy.
It provides you with a replacement source of income in the event that you are ill or injured and unable to work. It will not help you if you loose your job.
Income protection benefit pays you until you are able to return to work or until the end of your policy, whichever happens sooner.
An income protection policy allows you to claim as many times as you require benefit.
It depends on your policy, the best thing to do is contact your financial advisor and they will be able to inform you on what to do.
No, you do not have to continue paying premiums while you are receiving income benefit.
Your premium payments will resume once your claim is finished.