Income Protection FAQs
Frequently asked questions, answered by our highly trained expert advisers, to help simplify the process.
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Income Protection frequently asked questions
What are the benefits of Income Protection?
Income Protection will cover up to 70% of your monthly income should you fall ill or suffer an injury, providing peace of mind that your bills will be covered and you won’t need to use your savings to get by. There are different levels of cover you can chose to suit your financial needs and budget.
How likely am I to really need Income Protection?
Nobody likes to think about illness, injury or losing your job, but unfortunately it happens to lots of people, every year. Each year one million workers find themselves unable to work (ABI) and 31% of UK adults have experienced unexpected leave from work (Aviva).
What is the difference between Critical Illness and Income Protection?
Critical Illness Cover provides you with a tax-free lump sum should you be diagnosed with one of the critical illnesses listed on your policy. Critical illness does not cover your income specifically but will pay out a tax-free sum that will... Read More
Do I need Income Protection if I get Statutory Sick Pay (SSP)?
Statutory Sick Pay is paid to you by your employer if you are too ill to work, however the payment is very minimal at £109.40 a week and is paid to you for up to 28 weeks. Income protection can cover 70% of your lost income... Read More
How much is Statutory Sick Pay if I don’t have Income Protection?
Statutory Sick Pay pays £109.40 per week for 28 weeks, after the initial four days of illness. (Gov.uk).
Is Income Protection the same as Accident and Sickness Insurance?
No. Accident and Sickness Insurance is a type of protection policy, designed to offer a pay out in the event you are injured or ill and unable to work. Accident Sickness Insurance pays out a tax-free lump sum dependent on the injury or illness you have sustained. It is not the same as an Income Protection policy, which pays out a monthly benefit and tends to be more comprehensive and long term. But it can be a great, affordable protection plan, that can be tailored to suit your exact needs.
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