If you become too ill to work an income protection policy will provide an income until the policy expires. There are different levels of income protection cover:
- Own occupation; you can’t do your own occupation
- Suited occupation; you can’t do your own job or a similar one that suits your qualifications and experience
- Any occupation; you’re too ill to do any kind of work.
It is important to take advice on income protection. It is one of the more complex insurance areas and there are questions of interpretation as to whether a policy holder meets the definition of the policy. An own job definition can be quite tightly worded so there might be less scope for dispute – that also makes this policy the most expensive of the three.
How much you get paid, for how long and when payments start are all questions that need addressing ahead of time. The premium will be affected by your age and lifestyle.
Speak with us to find out if income protection insurance might be relevant in your particular circumstances.
Email or call me on 0330 043 0013 today to arrange a free consultation meeting.