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A monthly benefit if you are unable to work.
The maximum cover you can have is typically between 50-60% of your gross income, however, as the benefit is paid tax free, you can replace a high percentage of your income in the event of long term incapacity. Some of the most common conditions covered by income protection insurance are mental illnesses such as anxiety, stress or depression & back pain.
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An Income Protection Policy is one of the most important insurances that you can consider, as without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills? Could you survive on State Benefit alone?
An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an ASU policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period until you either recover or reach your selected retirement age. Unlike an ASU policy, Income Protection policies typically do not protect you against redundancy.
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If you wish to register a complaint, please write to firstname.lastname@example.org or telephone 0151 4505510. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at https://www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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FCA number 807947