Income Protection
Income protection could give you the financial security you need if you were ever unable to work due to sickness or injury. Income protection is typically designed to provide you with a percentage of your monthly income, which can remove some pressure on your personal finances so you can focus on your recovery and getting back to work.
FAQ
Do I need income protection if I’m self-employed?
In the case of self-employment, the absence of sick pay creates a situation where illness or injury could impact you more immediately and profoundly compared to those who are employed.
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Because of this, having income protection insurance potentially becomes crucial for self-employed individuals. This coverage provides the reassurance that you'd have the means to cover your regular expenses and bills, even if health issues prevent you from earning an income.
Is income protection worth it?
Similar to any type of insurance, determining the value of income protection insurance depends on your personal situation. While we all wish for the best, having insurance offers a sense of security in case the unexpected occurs. With income protection, this security ensures that health-related work disruptions shouldn't lead to financial strain, providing you with peace of mind.
How much is Statutory Sick Pay if I don’t have Income Protection?
You can get £116.75 a week Statutory Sick Pay (SSP) for up to 28 weeks. It's worth considering if you can support yourself should you be unable to work through injury or illness.
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Figures from September 2024.
Contact Us
Why not give us a call on 0203 633 4342, for an initial chat with one of our Mortgage Advisors?
0203 633 4342