Income protection insurance is a bit like a cycle helmet. You can cycle for miles and miles and you wonder what the point of the headgear is. Then you cycle around a corner, hit a pothole, and tumble over the handlebars.
If it hadn’t been for the cycle helmet, then the scratched knee might well have been accompanied by a serious head injury.
In the same way, having income protection insurance may seem unnecessary, but if one day you hit that ‘pothole’ – you fall ill, or have an injury, or are made redundant – you’ll be very glad of it.
What is income protection cover?
Income protection cover will pay out in tax-free monthly instalments, which should make up for the income you are no longer receiving.
Self-employed income protection is particularly attractive if you are solely dependent on yourself for your income, because you will have no support from an employer.
If you are employed, you can also take out income protection insurance against the possibility of redundancy.
What is the difference between income protection insurance and other forms of cover?
There are key differences between income protection insurance and life assurance or critical illness cover.
With income protection cover, you determine the amount and duration of cover you want and you decide when payments start – if you wish, you can defer. And income protection policies will generally pay out more than once, making it very flexible.
Income protection quote
We hope we’ve made the case for income protection. Through independent and thorough research into the various options available and your current circumstances, we can recommend an appropriately structured, cost efficient income protection policy that will replace your income in the event of accident or illness.
Get an income protection quote quickly, easily and with no obligation from the Hartsfield team.