What is employee income sickness protection insurance?
Income protection insurance provides a regular income if you are unable to work due to sickness or injury. This is vitally important whether you are employed, self-employed or own your own business.
For the self-employed, freelancers, contractors and owner/directors of companies, there is no third party employer to pay sick pay.
While employees may be entitled to workplace sick pay, e.g. medical professionals who receive NHS sick pay, this is not paid indefinitely and/or at the same rate as a full-time salary. Many employers now only offer statutory sick pay, which often won’t cover your bills, let alone your mortgage.
Income protection insurance gives you another layer of security, and ensures that you can keep your standard of living and meet your financial obligations, even when you’re not able to work. You can’t afford not to have income protection insurance in the UK.
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Why Choose Go Protect Me?
We are 5* rated experts in income protection and life insurance. We are committed to getting you the best protection for your personal circumstances. 6 great reasons to use us:
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Why Do People Need Income Protection Insurance?
Financial security
Unexpected illness or an accident can result in a strain on your finances. This is particularly true for freelancers, the self-employed and contractors, but anyone who can’t work will feel the financial hit. Income protection insurance is a safety net in these circumstances.
Pay your bills
If you fall ill your financial commitments don’t just go away. Your rent or mortgage needs paying, you still need to buy food and pay utility bills. Failing to have income protection insurance can mean that you can’t pay all your bills and you fall into debt.
How much does it cost to get income protection?
Go Protect Me works with company directors, contractors and the self-employed, as well as employees to find the most competitive quotes. Prices depend on:- .
Age
Premiums are generally lower the younger you are. For some policies you will need to be under 60 to be eligible income protection insurance.
Medical history
When calculating your premiums, insurers will consider both your current health and your medical history. Policies will be cheaper for applicants who are in good general health with no history or serious illness. However, we can find policies for most people, including those with a pre-existing medical condition .
Occupation
What you do may influence the level of your premiums. Contractors working in high-risk conditions, or even executives or surgeons in high-stress environments, may be considered a higher risk by insurers and so will need to pay higher monthly premiums.
Level of cover
How much of your income you want covered by your policy will impact your premium. Some income protection insurance policies will cover you for up to 70% of your gross income. Reducing the level of cover you require can reduce your premiums.
Benefit period
Income protection insurance comes with the choice of long- or short-term cover. Long-term income protection covers you until you return to work or reach retirement age, while short-term cover generally covers you for no more than 2 years, or your return to work date if sooner.
Deferred period
The deferred period is the time that must elapse before the policy begins to pay out. Go Protect Me works with insurers that offer a choice of deferred periods between 1 and 104 weeks. Cutting your deferred period will increase your premiums but you will receive your monthly payments more quickly.
While you can’t change things like your age or health, some aspects of a policy such as coverage level and benefit period can be altered. Go Fund Me’s specialist income protection insurance brokers will consider all your options and establish which policies would provide the best income protection insurance policy for you.
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.
Added Value with a Free Financial Review
We believe that financial security depends on more than just making sure that you have an income protection insurance policy, although that is important. That’s why we offer every customer a free financial health check to look at your existing finances.
One of our professional Client Relationship Managers will review your circumstances and recommend ways that you can improve your financial health. This may include advice on savings and investments, or ideas for reducing your tax burden. All financial health checks are offered with no obligation from you.
Income Protection Insurance FAQs
To Speak To An Expert, Call 0330 818 6850
Open: Mon-Tue 9am-7pm, Wed-Thu 9am-6pm, Fri 9am-4pm
Alternatively request a call back at a time convenient to you.