Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.

What is it?

This type of cover will pay out an income in the event that an individual is unable to work due to accident sickness or injury. Typical examples of claims on Income Protection policies are Stress or depression and back pain although there can be no end or illnesses that may prohibit you from working.

Who is it for?

An Income Protection Plan can be set up to pay out after a specific period of time eg if you are off sick for more than 1 , 3 or 6 months) and the benefit could be payable until you either return to work or even up to your specified retirement age if you are unable to return to work at all. You can also get budget Income Protection Plans that would pay out for up to 2 years but it should be pointed out that majority of claims are paid for at least 4 years!