Income Protection

Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.

What is it?

An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age). Usually you can cover up to 65% of your gross income – less any state benefits for which you become eligible.

This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.

Who is it for?

This type of plan is designed for anyone who is working - employed or self-employed. It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months so ongoing protection is essential. This plan can be of particular benefit if you are self-employed and when your job does not come with any significant sick pay. Plans can be adapted to fit in with any existing protection you might have and the cost of Income Protection varies depending on what deferment period you choose and your occupation. For example you can choose a longer deferment period to reduce the cover and the more savings you have, the longer you can fund yourself before a claim needs to start paying out – therefore the cheaper the policy will be.

If you already have Income Protection, you need to review it occasionally as your situation and commitments may change.


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