What is Income Protection

Income protection insurance which is also known as Sick Pay Insurance provides a monthly replacement income of up to 70% of your gross annual earnings to cover your essential outgoings should you be unable to work due to accident, sickness and unemployment.
Those who tend to benefit the most from protecting their earnings include the Self Employed and Contractors, those without sick pay or savings as well as individuals in higher risk occupations.

There are a number of factors which will need to be considered when searching for the best Income Protection policy including:• Your occupation
• Employment status
• Current health and lifestyle choices
• Sick pay entitlement and savings

Each insurer has their own terms, underwriting and preferred type of client type so depending on how risky your job is or whether you smoke will impact on the best provider for you. Regardless of the insurer, one of the most important things is to make sure your policy covers you in your ‘own occupation’, beware of ‘suited occupation’ or ‘activities of daily living’ cover.  If we consider which policy could be the best based on the plan’s coverage, terms and conditions, exclusions and payout rate we should be able to help narrow down your search considerably and put you in a much better position when deciding on the most appropriate cover.