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Income Protection

What is income protection?

Income Protection is designed to replace lost income for you if you are unable to work due to illness or accident, for more than a specified period of time, which is agreed by you at the beginning of the policy. 

Many people like to run this type of insurance in conjunction with Accident and Sickness cover and use the Income Protection to continue paying out monthly payments, when their Accident and Sickness cover terminates. They feel this is essential in case of a long protracted illness or injury from accident.

Of course Income Protection can be purchased without having taken out the Accident and Sickness cover. The Income Protection plan will begin paying out the agreed monthly payments after the specified deferrment period, which is chosen by you at the start of the policy and is often governed by the following:

  • If you already have an Accident and Sickness policy in place.

  • How long your employer will pay you for when you out of work.

  • How long you are able to fund yourself and possibly your family when you are out of work.

Typically, the benefit will continue to be paid to you until you are able to return to work, die or reach the expiry date of the contract,( which is set out and agreed by you at the beginning of the plan) and usually continues until you are due to retire! 

Many clients feel this is a must have policy and have Income Protection in place for "piece of mind" knowing that if they cant work, through either sickness or accident, they and their family can continue to have the same or similar lifestyle from a financial point of view!

Please be aware that this type of insurance does not cover you in the event of you being made redundant!  

At Bluewave Finance, we are pleased to search the markets for you, in order to find the most suitable policy to match your requirements. Click apply here> or call us on freephone 0845 263 5570 to apply for this cover through us.