Income Protection Insurance
Benefit from Income Protection when it counts
How would you pay for your bills if you couldn't work.
Imagine if a sudden illness or injury were to transform your life overnight, leaving you grappling not just with the physical challenges, but also the financial strain that follows.
Without a steady income, how would you manage your monthly commitments like rent or mortgage payments?
Income protection insurance is your safety net, designed to ease the burden by providing vital financial support, allowing you to concentrate on healing rather than worrying about mounting bills.
Income protection insurance Questions and Answers
What is income protection insurance?
Consider income protection insurance as your personal financial guardian, ready to step in with a reliable monthly income if ever you’re sidelined by illness or injury. It’s about ensuring you’re covered when you need it most.
Do you need income protection insurance?
In the quest to secure your income, it’s essential to gaze upon your financial commitments and ponder the shockwaves of an unexpected income drop. Let’s engage in a dialogue with the pros, as the financial landscape is as unique as you are.
How much income protection do I need?
To figure out just how much income protection you need, start with the basics. List down those must-pay bills like your mortgage, utilities, food, and childcare. Once you’ve got that down, touch base with our experts to make sure you’re all covered.
How long does cover last?
Your coverage could potentially extend all the way to your retirement or until you hit the big 7-0, all based on the specific plan you opt for.
How does income protection work when you are self employed?
Envision a personalized safety net that ensures your financial stability during self-employment. Income protection insurance serves as a dependable support, offering monthly payments that allow you to concentrate on recovery from illness or injury.
Is the benefit paid monthly or as a lump sum?
Your benefits will be paid to you consistently each month, almost as if your earnings never even took a break. No need to stress about large, lump sum amounts and long term budgeting.
How long will I receive the monthly benefit?
Your income protection plan has your back, just like a reliable friend. Depending on your plan, it could be a short-term sidekick for a year or two, or a long-term companion until retirement if illness or injury sidelines you. It’s all about making sure you’ve got the support you need, when you need it!
Are the benefits taxed?
Income protection payouts can be a bit like a dance. Generally, they’re tax-free, but they might shake things up with your state benefit claims. Who pays the premiums decides the tax tune:
- You pay the premiums? The benefits usually glide through tax-free.
- Your employer foots the bill? The benefits join the taxable income tango.
A little lost in the steps? That’s okay, it’s a complex routine. Reviewing your policy and having a chat with a specialist adviser could help you find your rhythm again.
What are deferred periods?
The deferred period is essentially your waiting time before the first payout rolls in after a claim gets the green light. This pause can vary, all depending on who’s got your back in the insurance world.
Mortgage Health Matters Core Services
