Income Protection Cover

The working world has changed dramatically in recent years. A lot of us are working harder and longer hours and there are fewer jobs for life. One thing, however, remains constant and that's the fact that most of us need to work to pay the bills and to enjoy all the nice things in life like holidays, cars and Christmas presents. Bills don't stop arriving - even if we are very sick.

Without a regular income, most of us would struggle to get by. Even those of us who have savings or investments would struggle, as they won't last long when surviving on government benefits.

That's where Protection Cover for Sickness comes in.  Protection Cover for Sickness pays out an income if you're unable to work because of illness or injury.

  • An income you can rely on, if you can’t work due to ill health or accidental injury
  • It’s affordable and easy-to-arrange, giving peace of mind to you and your family
  • Continued benefit when you go back to work in a reduced capacity, with a reduced salary
  • Payments will be tax free under current tax rules, although this might change in the future

Your choices

Of course the choices you make will depend on your own particular circumstances.

When you make a claim you can choose to have Income Cover Protection for Sickness paid in any of the following ways:

  • A level monthly income
  • An increasing monthly income (there's an extra cost for this option)

You can choose Income Protection Cover for Sickness on a single life basis.

Single life

This policy can cover:

  • Just yourself
  • Just your partner
  • Both you and your partner (two potential payouts)

You can choose how soon after becoming ill your payments will start. We call this option a deferred period. You can choose either:

  • 4 weeks
  • 13 weeks
  • 26 weeks or
  • 52 weeks

The longer you wait for payments to start the cheaper your monthly plan payment will be.

The longer you want us to make payments, the more expensive your plan will be. You can choose to be paid either:

  • Up to 1 year
  • Up to 2 years
  • To the end of the cover term.

How sick do I have to be before I make a claim?

This will depend on the definition of incapacity on your protection plan. We will decide which definition applies to you when you take out your plan and we will confirm this on the cover summary we send you when your plan starts.

The definition of incapacity we give you will depend on your health, whether you are working and if so, your occupation. The definition will be either:

Own occupation

This means that we will pay out your cover if an illness or injury prevents you from doing the essential duties of your occupation.

Working tasks

Sometimes we cannot give you an own occupation definition. This might be because of the type of work that you do or because you are not working. We may then offer you a definition which will pay out depending on whether you are able to carry out specific work-related tasks. We call these 'working tasks' and if this definition applies to you we will pay out your cover if an illness or injury prevents you from doing at least 2 out of the 6 working tasks shown below:

Working tasks - walking; lifting; using a pen, pencil or keyboard; hearing; speech; vision.

You can also add other covers to your plan to give you the right amount and type of cover for your own circumstances.

You can get a no obligation Income Protection quote by clicking the link below and filling out some details. We will be able to advise you what the best insurance cover is for you depending on your circumstances.

 

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