Is Income Protection Worth It?

Income Protection is a type of policy designed to provide you with a regular income if you’re
unable to work due to illness or injury. Cover could help you manage financial commitments
and maintain your lifestyle by replacing a portion of your regular income for a period of time
whilst you are unable to work.

Income Protection cover offers financial support if you’re unable to work due to illness or
injury. You pay regular premiums for a benefit that typically covers around 60% of your
income. If you can’t work, you submit a claim and once approved, the insurer pays you a
monthly benefit until the policy ends, helping you manage living expenses during difficult
times.

Income Protection is worth considering if you rely on your salary to meet monthly expenses
like rent or mortgage payments, utility bills and other costs of living. For those who may not
have significant savings or other income sources to fall back on in case of an extended
illness or injury, Income Protection can be an invaluable safety net.

Most Income Protection policies cover you if you’re unable to work due to injury or illness.
However, specific policy terms can vary, so it’s essential to read your policy carefully to
understand which illnesses or injuries are covered, and any exclusions and limitations.

Several factors impact the cost of Income Protection, including:
● Your age and health: Younger, healthier individuals generally pay lower premiums.
● Occupation: Jobs with higher risks of injury may lead to higher premiums.
● Benefit amount and duration: Policies with higher benefit payouts or longer benefit
periods are more expensive.
● Waiting period: Policies with shorter waiting periods (e.g., 30 days) tend to be more
costly.

Yes, self-employed individuals can obtain Income Protection insurance. This type of policy is
designed to provide financial support if you’re unable to work due to illness or injury, even if
you don’t receive a traditional salary. It’s essential to shop around and compare different
policies, as terms and coverage can vary significantly between providers.
As you would know if you are self-employed and don’t work due to illness or injury, you don’t
get paid. This type of policy provides you peace of mind, should the worst happen you are
covered