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If you're in full-time employment, then you're entitled to a certain amount of statutory sick pay each year. However, if you become ill or injured for longer than your sick pay period permits, or if you're self-employed, then you could face a loss of income. Loss of income for any period is far from ideal for anyone, but especially if you've got bills to pay and/or any dependents.
Finding the best life insurance policy: how long should my term be?
This also depends on your reasons for taking out your cover. If your priority is to find a policy that will help your dependants cope with any debts you leave after you pass away, then you should time your policy accordingly. If the debts will be paid off within 10 years, you probably don’t need your policy to last much longer than that.
It might be the case that even when your debts are all paid off, your children might not be old enough to be fully financially independent. In this case, you might want to extend the term of your life cover until they are. If you have very young children, then you may want to get a considerably longer term than somebody who has children who are already in their 20s.
Why take out income protection?
Bills and Debts
There are specialised policies available for mortgage payment protection, for example, but income protection generally can help you make sure you can keep up with any regular outgoings.
Family Income
If you're providing for your family, then loss of income can be devastating. Income protection will help ensure there's always some money coming in.
Bills and Debts
There are specialised policies available for mortgage payment protection, for example, but income protection generally can help you make sure you can keep up with any regular outgoings.
Self-Employment
If you're self-employed, then you won't be benefitting from a company sick pay policy. The right self-employment income protection policy can help if you fall ill.
Finding the best life insurance policy: how long should my term be?
This also depends on your reasons for taking out your cover. If your priority is to find a policy that will help your dependants cope with any debts you leave after you pass away, then you should time your policy accordingly. If the debts will be paid off within 10 years, you probably don’t need your policy to last much longer than that.
It might be the case that even when your debts are all paid off, your children might not be old enough to be fully financially independent. In this case, you might want to extend the term of your life cover until they are. If you have very young children, then you may want to get a considerably longer term than somebody who has children who are already in their 20s.
How does income protection work?
Income protection policies will pay our in the event that you become seriously ill or injured and as a result are unable to work.
Payout
The amount that gets paid out will vary from policy to policy but can reach up to 75% of your current income. Importantly, it is paid out monthly, not in a lump sum as with critical illness policy.
Deferral Period
You'll need to wait for a certain amount of time (called a deferral period) before you can claim once you've set up your policy. The longer the deferral period, the cheaper the policy, as a general rule.
There are specialised policies available for mortgage payment protection, for example, but income protection generally can help you make sure you can keep up with any regular outgoings.
Family Income
If you're providing for your family, then loss of income can be devastating. Income protection will help ensure there's always some money coming in.
Bills and Debts
There are specialised policies available for mortgage payment protection, for example, but income protection generally can help you make sure you can keep up with any regular outgoings.
What is Income Protection Insurance?
If you're in full-time employment, then you're entitled to a certain amount of statutory sick pay each year. However, if you become ill or injured for longer than your sick pay period permits, or if you're self-employed, then you could face a loss of income. Loss of income for any period is far from ideal for anyone, but especially if you've got bills to pay and/or any dependents.
Why take out income protection?
Bills and Debts
There are specialised policies available for mortgage payment protection, for example, but income protection generally can help you make sure you can keep up with any regular outgoings.
Family Income
If you're providing for your family, then loss of income can be devastating. Income protection will help ensure there's always some money coming in.
Bills and Debts
There are specialised policies available for mortgage payment protection, for example, but income protection generally can help you make sure you can keep up with any regular outgoings.
Self-Employment
If you're self-employed, then you won't be benefitting from a company sick pay policy. The right self-employment income protection policy can help if you fall ill.
How does income protection work?
Income protection policies will pay our in the event that you become seriously ill or injured and as a result are unable to work.
Payout
The amount that gets paid out will vary from policy to policy but can reach up to 75% of your current income. Importantly, it is paid out monthly, not in a lump sum as with critical illness policy.
Deferral Period
You'll need to wait for a certain amount of time (called a deferral period) before you can claim once you've set up your policy. The longer the deferral period, the cheaper the policy, as a general rule.
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