The aim of Income protection insurance is to pay part of your income if you become unable to work because you’re ill or injured. Income protection can be set up to pay out if you are unable to perform your own occupation which tends to be the more expensive option, or if you are unable to perform any occupation it can be cheaper. The policy will be likely to pay out to the end of the term of the policy from when you are diagnosed with a payable illness.
We will advise you on the factors that you need to think about and what will be the most cost efficient policy to meet these requirements. Clearly the level of cover is going to drive the cost and should be enough to meet your outgoings, but also the deferment period though which you will wait to receive payment is going to be very important both in terms of being able to manage and also, again for the cost of the cover.