Life comes with no guarantees and every now and again, a curve ball may be thrown your way. Preparing for unforeseen situations ensures you and your loved ones are taken care of should you experience redundancy, severe illness, trauma or more seriously, death. Talking to us, you will receive unbiased advice, information on the different policies available and suggestions on what is best for you when it comes to protecting you and your family.
Protection isn’t just about your personal life. If you are an entrepreneur of a small to medium sized business, there is a wealth of protection you should be considering.
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Income protection insurance is an insurance policy that provides a monthly benefit if you are unable to work due to accident or sickness and pays out until you return to work, the end of the policy term (usually your retirement age) or upon death, whichever is sooner.
It’s tough deciding how much cover you should have and depends on your individual circumstances, lifestyle, expenditure and financial commitments.
One of the main factors is also how much can you afford to pay in monthly premiums.
Life insurance policies is always cheaper in annual premiums the younger you are when you buy the policy. Also if your health is good it will also translates to lower insurance costs and buying a policy younger also lowers the chances of having an illness like diabetes or heart disease.
This depends on the type of insurance you’ve taken out. For example if you are covering your mortgage then the amount will decrease in line with the amount with the loan. The monthly premium you pay will be the same each month.
If you have opted for RPI your premium and amount paid out will be in line with this each year. Please note that some insurers will only offer this for the first few years and if you decline it each year, it will no longer be available for you.
The payout is not subject to any taxes but if you have any Inheritance or if the payout forms part of your estate it may be beneficial to place your policy in trust. Before you do this, you need to speak to an adviser.