DO I REALLY NEED IT?
How would you pay the bills if you were sick or accidentally injured and couldn't work?
When the unexpected happens, we know that what matters is peace of mind from a policy you can trust.
Income protection pays you a regular monthly benefit if you are unable to workYou can chose the amount of monthly benefit you require (depending on provider) mainly a percentage of your gross earned income. You can choose a benefit period which can be either long term (Pays out for up to 5 years or retirement) or short term (Pays out for 1 or 2 years). You can also choose your deferred period to suit your needs (A deferred period is the period after a claim is made before you will start to receive benefit) you may have savings or you may get sick pay from your employer so we can tailor the deferred period to suit your needs, examples are day 1, 1 week, 4 weeks, 8 weeks, 3 months, 6 months or 12 months depending on the provider.
if you tailor your policy for this, it'll cover you should you be unable to work after having an accident or prolonged illness. The policy could pay up to 70% of your monthly gross income and is designed to cover your main financial commitments like your mortgage or rent and household bills etc.
this does exactly what it says on the tin - covers your monthly outgoings like loans, credit cards and household bills. This policy typically runs for 12 months and will start if you have an accident, a prolonged illness or become unemployed (as long as you've selected the right type of cover)
a sickness policy could provide you with short-term cover for up to 12 months, while alternatively, a long-term policy could cover you right up until retirement age, this could give you up to 70% of your salary, should you become sick long-term