Income protection is designed to pay a monthly cash sum if you are unable to work due to sickness or an accident. For example, this may be due to an accident, bad back or sicknesses such as flu or viruses. Income protection also protects against more serious illnesses like cancer and heart attacks.
The amount paid per month depends on the provider. This is normally calculated as a percentage of your gross earned income. However, you can choose the amount you require up to this limit. In addition you can also select a benefit period which can be either long term (Pays out for up to 5 years or retirement) or short term (Pays out for 1 or 2 years).
Some clients choose a deferred period to suit their needs (A deferred period is the period after a claim is made before you will start to receive benefit). This is normally when people have savings, or receive sick pay from your employer. We can adjust the deferred period to suit your needs. For example 1 day, 1 week, 4 weeks, 8 weeks, 3 months, 6 months or 12 months depending on the provider.
1. PAYS YOUR WAGE WHEN YOU ARE OFF WORK
Income protection will pay you a regular monthly benefit if you are off work due to an accident or sickness.
2. CHOOSE YOUR LEVEL OF MONTHLY COVER
You can choose the amount of monthly benefit you need (depending on provider). This is mainly calculated as a percentage of your gross earned income.
3. SHORT & LONG TERM COVER FROM A DEFERRED PERIOD
We will provide cover to pay you a regular monthly benefit. This can be from day 1 or deferred to suit you.
Contact our team now for protection advice, for which we do not charge a broker fee. We have many clients in Halifax, Huddersfield, Bradford, Leeds, Keighley, Pontefract, Doncaster, Sheffield and Hull. We can arrange a face to face meeting or telephone appointment.
“I’m self employed and didn’t have any accident cover. So when I broke my wrist playing cricket three years ago I was without any source of income for a few weeks. This left me in a difficult financial situation, one that I didn’t want to find myself in again. Bespoke Financial were recommended to me by a personal friend, so I gave them a call. The very charming and friendly. Oliver came to see me and my partner, he talked us through all the insurance options available. He explained everything very clearly and didn’t try to sell us anything we didn’t need. I now have no worries about how the bills will get paid if anything unexpected should happen. We now have excellent insurance cover for me my partner, our family and our home. I cannot recommend Oliver and Bespoke highly enough.”