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Income Protection Insurance

It is important to protect your lifestyle and family if you are unable to work due to illness or accident.

Some employers provide their staff with their full salary or a proportion of their salary for a few weeks or months. The law requires all employers to pay statutory sick pay for up to 28 weeks. However, it is likely this will be a lot less than your earnings.

As part of a benefit package some employers arrange group income protection insurance for staff members. This would pay staff members an income after the statutory sick period.

If you are self-employed you will not receive any employer benefits or statutory sick pay.

Income Protection Insurance protects your income in the event of long-term illness or accident that prevents you from working. The maximum you are allowed to insure for is usually 50% to 60% of your earnings before tax.

In the event of a claim being made because of illness or disability, an income protection insurance policy would pay out a tax-free income.

The cost of the monthly premium depends on a number of factors which include: your age, your sex, your health, your occupation and your hobbies and lifestyle. One other factor which influences the premium is the deferred period. When you make a claim there is a deferred period before the benefit is paid. Normally deferred periods are from 4 weeks to 104 weeks. The longer the deferred period the cheaper the premium.

By spending just a little time to compare quotes, you can save a lot of money and trouble on premiums.