An income protection policy pays a proportion of your salary if you’re unable to work because of sickness or injury. Policies usually have a deferred period typically based on when your employer ceases to pay your salary or sooner if you are self-employed. The policy aims to provide a continuous monthly income.
The length of time you receive payments depends on the policy you choose, which can be anything from just two years per claim or long term- typically your state retirement age or longer.
The amount of income protection insurance you need will be determined by the salary that you want to insure. Generally, income protection provides cover for about 60% of your gross annual salary, however, you will not be taxed on any benefits that are paid out by the insurers.
You need to consider what the costs of meeting a mortgage and other debts will be, as well as providing for a partner, children or other dependants. The point of income protection insurance is to provide an income stream if you can no longer work through accident, sickness or illness.
If you work, chances are, an income protection policy could benefit you. Consider what would happen if you were to fall ill/ hurt yourself and be left unable to work. Would you be able to meet all of your financial obligations? No? Well, income protection may just be for you!
We’re experts in Income Protection, Critical Illness Cover, Life Insurance and Family Income Benefit – and can help you even if you’re deemed a higher risk for insurance.
We offer you a personal and bespoke service, backed up by over 20 years of experience in finance and insurance. We’ve developed processes to help each customer achieve the most suitable result, and we always act in your best interests.
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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Think carefully before securing debt against your home. Your home may be repossessed if you do not keep up payments on your mortgage or any other loans secured on it.
CoG Financial is registered with the Data Protection Act 1998 registration No. ZB538567 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 1000627 is an authorised representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
COG Financial Limited registered in England and Wales. Company number: 14711447. Registered office address: Sovereign House 37 Middle Road, Park Gate, Southampton, England, SO31 7GH