It’s a long journey obtaining the job of our dreams and ultimately achieving the salary we want to maintain our lifestyle. We take if for granted, it will last for ever or until intended retirement. However not everything is predictable in life, and similarly our health is definitely not one of them.
Some positions may pay you for illness for a considerable amount of time, some none at all. In the event your income was to stop due to ill health, would that be a problem? Would the lifestyle your living be affordable? Would statutory sick pay currently £95.85* a week be sufficient?
*(www.gov.uk 01 June 2020)
Here at Millennium Finance we ensure loss of income does not affect your lifestyle. By taking Income Protection, you will receive a tax free amount of 55%-65% of your salary when you are unable to work. Multiple claims can be made on policies meaning when you return to work, payments will stop however if you were unable to work again, you could claim again.
You can start the policy to pay at a deferred period, for example if you receive 3 months full sick pay, you can set the policy to pay out after 4 months of being unable to work, meaning ultimately a cheaper premium. On the other hand if there is no sick pay from your employer or self-employed, the policy could be set to pay straight away.
So is Income Protection essential? Research has shown that 25% of the average population are likely to use their income protection policies, meaning 1 in 4 people will take time off work due to illness, and more importantly, not receiving an income to cover expenses for you and your family.
To discuss Income Protection in more detail,Click here, we are available via Phone, Email or simply complete the form and an advisor will call you back.
