Income Protection Insurance

a man feeling ill at his desk

If you are unable to work due to an accident or illness, it can be difficult to pay for other expenses if you have no income – especially for those who have a mortgage to pay off and a family to support. This could further lead to stress and anxiety, potentially making your illness worse or prolonging the recovery period.

Income protection insurance is there to pay out periodic benefits, similar to a monthly salary, to its policy-holder (you) to help relieve any financial burdens and give you the time you need to focus on recovery.

What is income protection insurance?

It is essentially an insurance policy that can provide up to 65% of your gross earnings should you find yourself too injured or ill to work.

There are a few variables to the policy payout, including the deferment period (also known as a waiting period), duration of payments and rates of cover.

The deferment period is the amount of time you want to wait until you start receiving your income protection payouts. For example, perhaps you have savings that could tide you over for 1 month while recovering at home and therefore you don’t need the policy to start until that 1 month has passed. Generally, the longer the waiting period, the cheaper the premiums are for you.

Everyone has different needs and salaries. At Unite Life, we can find a policy to fit your exact requirements.

Do you need income protection insurance?

Income protection will be a source of financial security for those who:

  • Do not currently have enough in savings to cover their potential loss of earnings
  • Do not have any employment benefits to cover them for long periods of absence from work
  • Have a large source of income that the entire family are solely dependent on

There are potentially massive financial risks involved with unexpected injury or illness that can devastate your income and have repercussions for yours and your family’s current lifestyle. You can insure yourself against such financial risks with this type of policy, providing yourself with peace of mind and financial security.

The benefits of income protection insurance include:

  • Multiple claims
  • Deferment periods can reduce the cost of premiums
  • The policy can cover you until retirement age
  • Financial security

How much will income protection insurance cost?

As with all risk-based financial insurances, your premium will be calculated on a number of factors, including:

  • Age
  • Occupation
  • Health
  • Amount of annual income you want to protect
  • Deferment time
  • Enactment period of cover

The cost of income protection is entirely dependent on your situation, so don’t hesitate to get in touch with us at Unite Life today for a no-obligation quote.

How Unite Life can help

At Unite Life, our expert insurance advisors can provide additional information and advice on all the different types of insurance available. We can help find the policy that is best tailored to suit your needs.

For an obligation-free income protection or life insurance quote, call us today to start securing your finances and protecting your loved ones.

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Unite Life can help you save on insurance – get in touch with us today!