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Income Protection

Along with your health, your ability to earn an income is probably the most important
asset you have right now. What would you do if a serious illness or accident stopped you
from working for the next couple of years - or longer? Sick pay generally only covers a
few days off every year, so what would you fall back on?

Income Protection provides you with an ongoing income (up to 75% of your usual income) typically until either you are well enough to work again or until your benefit period is reached. . It means you can get by even if your health lets you down.
 

How much income should I cover?

Depending on the plan, there will normally be a maximum level of cover available of either 55% or 75% of your gross income. However, anything under these maximums is also allowable. You will need to ask yourself: how much income would I need to get by, to cover bills and living expenses for me and my family? For most people the amount required would take them up to the maximum level of cover available.

What type of plan is best for me?

Agreed Value vs Indemnity plans; Taxable benefits and tax deductable premiums vs non taxable benefits and non tax deductable premiums; wait periods; payment periods; level or indexed sums assured; offsets; self employed vs employed; occupational limitations etc...

The right plan for an individual requires careful consideration of a complex set of variables. The wrong plan could spell disaster at claim time. Thankfully, your adviser is an expert on this topic, so you don't have to be.


Want to talk to an expert? Ask an adviser.

 

 

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