Income Protection insurance

Know that you are all  financially protected should the worst happen to you or your family.

What is Income Protection?

Income Protection Insurance is there for when you are unable to work for a long period of time.

You might expect that your employer will continue to provide you with income when you’re not able to work, due to an accident or illness. If you’re employed by local government or social services such as the police force then you will most likely benefit from their sick pay scheme. Typically, this offers 6 months of full pay, followed by 6 months of half pay, but it's always worth confirming with them.

For employees who do not have access to this type of scheme, a significant number of employers offer no protection at all, and will simply pay you the Statutory Sick Pay.
“I feel much better knowing that my income is protected. It wasn’t even expensive, which was a bit of a surprise! You were a great help too. Thanks!”


DAVID LAFFERTY, MOTHERWELL
With Income Protection Insurance, you decide how long you want to wait before the income starts to be paid out to you.

This is known as the ‘deferment period’, and you would usually choose between  4, 8, 13 or 26 weeks. The longer this period is – the cheaper the plan is.

If, for example, your contract states that your employer will pay your full salary for up to 6 months, then a 26 week deferment period could be ideal. On the other hand, if you are only entitled to Statutory Sick Pay, then you will need an income as soon as possible.

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