July 17, 2019
Let’s start with the bad news. If your income stops due to injury or illness, your outgoings don’t. That’s just one of life’s cruel truths.
The good news (phew) is that there’s an answer to this rather bleak reality. If you do happen to suffer a loss of earnings thanks to the aforementioned injury or illness, you will be covered if (and only if) you take out income protection.
As we all know, life can serve us a curve ball and recovery from these unfortunate circumstances can take longer than we expect. Income protection replaces a percentage of your income and can help you and your family with regular household outgoings, relieving the stress and burden that a wage deficit brings.
Getting back into work after such circumstances can be difficult, so we offer income protection policies with a variety of support services to help, regardless of the time it takes you to get back into regular employment.
*(based on the top 12 UK providers)
According to the FCA’s Financial Lives Survey 2017, a mere 4% of the population have a form of income protection cover. Such a low uptake boils down to two main reasons: either people believe they don’t need cover, or they don’t trust the insurers to pay out. Whilst only you can really determine if you need cover (we’d suggest having an honest look at your savings, any dependents, outgoings and desired lifestyle), 93% of claimants in 2017 got a pay day thanks to income protection.
But be warned, there are situations where income protection can’t be paid and non or partial payments are usually due to claims not meeting the policy definition or because the applicant has misrepresented themselves or their situation during the application.
We can assist with the application and demystify the policies for you, helping to ensure that you don’t expose yourself to pitfalls or unexpected problems when you’re at your most vulnerable.
If you’re ready to take out income protection, or perhaps you just want to chat with an insurance broker about your options and the associated costs (without being bombarded with sales pitches), you can book an appointment easily and quickly online by clicking here.
Or you can contact us via:
+44 (0)203 195 1982
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We’re fully regulated by the Financial Conduct Authority, the UK’s independent financial regulatory body. Our brokers are fully qualified and backed by a team of experts in compliance and case management. Exceptional financial guidance and not a cowboy in sight (yeehaw).
Furthermore, we’re part of the PRIMIS Mortgage Network, who provide extensive financial knowledge and expertise and whose comprehensive lender panel gives us access to market-leading mortgage exclusives that you can’t find elsewhere.
While we don't typically charge a broker fee, we reserve the right to charge a fee of up to £999 dependent on the amount of research and administration that is required.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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