Income protection can provide you with an overall percentage of your earnings or a fixed monthly amount, following your deferred period. The amount can be paid for each permitted claim for a set amount of time, this is either a 1 year, 2 year, or 5 year policy, or until retirement.

This policy is here to help you replace some of your earnings, if you’re unable to work due to illness or injury. This could help you pay essential bills like your mortgage, rent and other outgoings such as utilities and food, allowing you to focus on your recovery instead.

This is dependant on your annual salary and occupation. The maximum amount of cover is normally 65% of your annual salary.

You would pay fixed monthly premiums for the amount of years you’d like the policy to last, we normally recommend this is taken until retirement.

Think about how you’d cover your usual monthly costs if you were ill or injured and unable to work.

Would it be possible to get by from statutory sick pay or your savings? If not, then it’s worth getting in touch to discuss your options.

It’s important to note that the policy won’t cover you if you’re unemployed or made redundant.

When deciding if you need income protection insurance,  consider your savings, how long your employer will continue to pay you, and what government benefits you may be entitled to after any employer payments stop.

A deferment period is a fixed period of time you decide on, before your insurance will begin to cover your income. During this period, you might rely on savings, company sick pay or any other options. You can choose 4, 8, 13 or 26 consecutive weeks as your deferment period.

The longer your deferred period is, the cheaper your premium will often be, but the longer you’ll have to wait until you can begin receiving your benefit.