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Income Protection

Income Protection

Sourcing the correct protection against a financial blow needn’t be a worrying aspect for anyone. With more and more companies offering tailored income protection and many other insurance services, there is so much more protective cover out there than ever before. If you or someone you know has been unfortunate enough to have been made redundant, or perhaps suffered an illness or been involved in an accident that has left them incapable of performing their basic duties, then the impact that the loss of an income can have on a person is huge.

Not just affecting the individual but also their families too, a severe reduction in income, especially where either an accident or illness places the significant role, even searching for other work can be impossible. Of course some companies can pay sick pay, or for those others there is some form of government handouts but both can relate to meagre amounts and do not last long enough to warrant any peace of mind.

Income protection insurance is a specialised form of cover available from any number of insurers out there. Designed to give you a percentage of your annual salary each month, many policies fluctuate between approximately 65% and 75% of your gross salary and as long as you remain truthful when taking out a policy, a protective plan can begin paying out a month after placing a claim. The money you receive can be used to pay essential bills, rent or mortgage payments and go towards the cost of living for you and any dependents, offering a much welcomed safety net in the event the worst was to happen.

Income protection insurance enables many individuals to receive the help and assistance they require when finances are stricken, presenting policyholders with the best case financial scenario to help aide them on the road to recovery or whilst finding further employment. Discussing income protection with an FSA regulated adviser or specialist insurer will enable you to map the ideal picture on how you wish to insure against the odds, and provide a backup plan for when things go wrong.