Is income Protection something I should consider?
If you are out of work through illness or injury, Income Protection can provide you with a source of income sufficient to cover all your outgoings and more. Again, this is necessary if you have dependents or debts to service. You can determine how much of your income you want to cover and this will determine the cost of the policy.
Every day we take out policies to cover our home, our car, our pet – why not take one out to cover your income – it’s the same principle.
Below are the main benefits of having your income protected:
- You receive an income if you are unable to work due to accident or illness.
- It is a way of ensuring you can pay your bills when unable to work long term.
- It can cover up to a maximum of 75% of your income to your normal retirement age
- You get tax relief on the monthly premiums at your marginal rate (20% or 40%).