Income Protection

Designed to help in the event that you fall unwell, suffer an accident or become unemployed – income protection insurance can help replace a large percentage of your monthly income.

This pay out provides financial assistance at a time where you need it most and can help ensure that all essential outgoings such as mortgage payments, rent, household bills and groceries are covered.

How does Income Protection work?

Most income protection insurance covers up to around 70% of a person’s gross annual income and depending on the type of policy some can pay out as soon as 1 week after illness or injury occurs.

This tax free benefit is paid monthly and allows the policy holder to focus on their health and recovery with the peace of mind in knowing that they have a financial safety net in place to make sure their bills are covered.

Income protection varies from critical illness cover in that it pays out for a wider range of conditions as well as less severe ones that affect your ability to work and earn a living. This means that if you become ill and need to make a claim, you will be entitled to receive a percentage of your cover – the amount of which is dependent on your condition and its severity.

How much does Income Protection Cover Cost?

The cost of income protection insurance is dependent on the prospective policy holder and factors in things such as age, marital status, lifestyle, health and occupation. Then it is important to consider how much cover is needed by looking at monthly income, mortgage / rent, household bills, debt and loans etc.

Income protection insurance can be a reliable, cost effective way to safeguard against the potential pitfalls and financial distress that can be caused when you are unable to work through illness or injury. This can be especially important to single people who have no other means of income and would have no financial help should they fall unwell, or families that would struggle should the main breadwinner become unable to provide.

Critical illness cover can help by providing a vital fall back that allows individuals and families to maintain financial stability during stressful times and allow them to focus on getting better and moving forward.

Find out more about Income Protection Insurance

At Opul Life our team of friendly advisors are on hand to answer any questions you may have about income protection insurance. Simply call 01245 408 602 today and one of our helpful, impartial experts can help talk you through the details and explain everything simply in a way that is easy to understand.