Income Protection Insurance - Who is income protection insurance suitable for?

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Who is income protection insurance suitable for?

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Income protection insurance is suitable for all. No matter how much attention you pay to your health, it is impossible to guarantee that you won’t suffer an unfortunate accident or be diagnosed with a serious illness. In fact, research by insurance firms has shown that there is at least a one in four chance of needing to claim on an income protection insurance policy during one’s working life.

Although some workplaces may provide their staff with generous sickness benefit packages, which can last up to the point of retirement, the majority of employees with long-term health problems will find themselves having to rely on the state for help, in the form of statutory sick pay.

By taking out income protection insurance, you are entitled to receive benefit payments of up to half of your income if you are unable to work due to long-term health problems. These payments will continue to be made until you either:

• Make a full recovery and return to work
• Reach the end of the policy term (if you fail to make a recovery)
• Reach your planned retirement date
• Death

Company support	Payment Protection Insurance
Income protection insurance suitability?	What is defined as long-term sickness?
How does it work?	Purchasing an income protection policy
Premium costs	Checking the small print
Benefit levels & illness exclusions