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Entries close 31 March 2021.
That is the amount of Statutory Sick Pay (SSP) that you would receive from the Government if you are too ill to work. You may be entitled to a limited number of days of sick pay and SSP will be paid for up to 28 weeks (7 Months). After this you may be eligible for Universal Credit – however this can take up to a further 5 weeks to be paid to you.*
If you have a mortgage or rent to pay, bills, loans or credit card repayments, a family to support or simply the cost of living in today’s world, how would you cope without your monthly salary being paid?
What is Income Protection?
Income protection insurance can pay up to 65% of your monthly wage, tax free, direct to you. You can have an income protection policy and be paid sick pay, and claim statutory sick pay together. This means you can remain financially secure whilst unable to work.
My Options
An Income Protection insurance policy can be set up to pay you an income until you retire, or for shorter term periods of 1-5 years to make sure the policy is affordable whilst giving you the timer to recover or make other financial arrangements.
Additional Benefits
Not only can this type of policy provide financial security, it can provide a host of extra benefits designed to help you through a difficult time. Additional features of an Income Protection insurance policy can include access to rehab services and physio for injuries and fracture cover that provides a lump sum payment for broken bones designed to help pay for travel and treatment if you injure yourself but don’t need an extended period away from work.
Return to Work Payments
You can also have access to return to work payments to ensure you don’t lose out on a staged return to work programme, advice lines for legal support, medical or emotional support, as well as counselling and a wealth of other benefits to take advantage of.
When do I need Income Protection?
Income Protection insurance may be one of the most important policies to consider whether you are reviewing your current life insurance arrangements, or have nothing in place at all and can be tailored to suit your needs and budget.
Our Role
At FOCUS it’s our job to guide you through the life insurance, critical illness and income protection insurance options available to you, making sure you understand the features, benefits and costs every step of the way.
*Money Advice Service