It's the one thing that pays for everything!

We don’t usually think of our current income and our future earnings as an asset.

However, this is what pays for everything else – mortgages, utility bills, education fees, cars, club memberships, socialising, etc.

In general, we tend to be overly optimistic about how we would manage if we were unable to work due to illness or injury. Many people also tend to overestimate company sick pay arrangements and the support provided by the state.

Why income protection?

• You protect your belongings – car insurance / house insurance
• You protect your family if you were to die prematurely - life assurance
• You are protecting your lifestyle for when you retire - pension
• What are you doing about protecting your lifestyle whilst in your working years - ??

What is income protection?

Income Protection offers you financial security for yourself and your family if you are unfortunate enough to be out of work because of any illness, injury or disability and suffer a loss of earnings as a result.

Is it the same as Critical Illness Protection

Income Protection is designed to replace your regular income if you are unable to work because of any illness, injury or disability. Serious illness will pay you a one off lump sum, designed to clear your mortgage, if diagnosed with a serious illness. The likelihood of long term absence is twice as high as likelihood of critical illness.

Tax Relief

Individual claims tax relief on premiums / individual receives benefit net of tax Business claims tax relief on premiums / Business receives benefit gross