Income Protection

Income Protection Insurance helps support you financially if you have time off work and suffer a loss of earnings because of injury or illness. This type of insurance covers most illnesses that leave you unable to work. For example, it may cover you if you’re unable to work due to a stress-related illness, mental health or a physical health condition. Income Protection Insurance only covers you if you’re unable to work due to illness or injury – it does not pay out if you are made redundant.

You can apply for income protection if:

► You work in full time employment

► You work in part time employment

► You are self employed

You can also apply if you have a pre-existing medical condition, however depending on how serious your condition is, insurers may charge you more, or they may apply a specific exclusion to your policy.

Here are some of the things you might want to consider:

► What would happen if you became ill and couldn’t afford to pay the bills?

► If you’re employed, do you have sick pay to fall back on and how long is this paid for?

► If you’re self-employed, what would you do if you couldn’t work for any reason?

► Do you have enough savings to cover any personal loan or debt repayments?

► Do you have any dependents, and will you have enough savings to cover you and your dependants if you are unable to work?