Income Protection

Income protection insurance is a type of policy that replaces a portion of your lost income if you are unable to work due to an injury or illness. The amount of coverage and length of time it will pay benefits depends on the plan recommended which will be based on your individual needs.

Sick pay and other benefits from your employer will usually only cover a portion of your lost earnings, so income protection insurance can be used to top up your income.

Most people rely on their monthly income to cover their living expenses, so an injury or illness that prevents you from working can be devastating. Income protection insurance can help ease the financial burden by replacing a portion of your lost income.

Income protection insurance policies typically pay out a monthly benefit for a specified period of time, usually until you return to work or reach retirement age. Some policies will also cover additional expenses such as the cost of retraining if you’re unable to return to your previous occupation.

When discussing your income protection needs some factors to consider are:

• Your savings – do you have enough in savings to cover your living expenses if you’re unable to work?
• Your family’s financial situation – would your family be able to cover your living expenses if you could not work?
• Your employer’s sick pay policy – does your employer provide sick pay or other benefits that would cover your living expenses if you were unable to work?
• Your state benefits – would you be eligible for state benefits if you were unable to work?
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There are any number of factors outside of your control that can prevent you from working so replacing that lost income is vital especially if: 

• You are the primary breadwinner for your family
• You have a high-risk job
• You do not have insurance through your employer
• You're self-employed
• You have a pre-existing medical condition

We understand that choosing the right income protection insurance policy can be overwhelming. That’s why we offer a variety of policies from different carriers. Contact us today to get started and compare income protection insurance quotes. We'll work with you to find the best policy for your needs and budget.