Income Protection

 

An Income Protection Policy is one of the most important insurances that you can consider, as without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills? Could you survive on State Benefit alone?

An Income Protection Policy is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an ASU policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period  until you either recover or reach your selected retirement age. Unlike an ASU policy, Income Protection policies typically do not protect you against redundancy.

Some of the most common conditions covered by income protection insurance are mental illnesses such as anxiety, stress or depression & back pain.

The maximum cover you can have is typically between 50-60% of your gross income, however, as the benefit  is paid tax free, you can replace a high percentage of your income in the event of long term incapacity.

Straightforward Financial Advice ....

Lighthouse Financial Advice provides financial advice and planning, in plain English, to people who want to ensure they make the right financial decisions at the right time and at the right cost. It's simple!

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Call us on 016973 25852 or 07946 438807

Email  richard.cakans@lighthousefa.co.uk 

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Lighthouse Financial Advice is a trading style of Lighthouse Financial Advice Limited, an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority.

Lighthouse Advisory Services Limited is a wholly owned subsidiary of Lighthouse Group plc

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