Income Protection will pay you a monthly tax free income whilst you’re off work sick or injured.
Beats the £94.25 per week Statutory Sick Pay* amount doesn’t it?
Taking out Income Protection Insurance means you’ll be paid a monthly, tax-free income if you are signed off by your doctor as being unable to work due to illness or injury.
You would continue to receive monthly payments until you were able to go back to work, these payments can be vital to ensure you keep up with bills, mortgage repayments, rent or childcare costs.
Even if you can’t go back to work, some policies will pay you an income for the rest of your plan term so you can rest assured that you are fully protected.
Most people rely on their salary to keep on top of monthly expenses, without this salary you can be left in a difficult situation when having to cover rent, mortgage repayments or bills.
Income Protection Insurance ensures you receive a monthly income for as long as you need to recover so even if you have to be off work for a prolonged period, you can protect your finances.
*SSP for 2019/20 figures correct as of June 2020. Source: gov.uk