Have you considered what would happen if you have an accident or suffer with an
illness and you can’t work for a prolonged period of time? How would you pay for
your existing lifestyle, as well as servicing any liabilities such as loans and
mortgages? If you have a family, how would you be able to support them?

You may have savings but would you really want to use these? You may have some
sickness cover with work, or believe the government will support you, but you may
well find these both fall woefully short of supporting your existing lifestyle. You may
even have critical illness cover, but usually this will only cover a liability like a
mortgage, and will usually just be a one off lump sum payment.

Income protection is designed to cover you from illness or injury and you are unable
to work. You will receive a monthly benefit of up to 60% of your gross income (minus
other payments like other income protection policies or accident and sickness cover,
excluding any state benefit entitlements).

All pay outs are tax free, and you can spend the money on anything you wish i.e
bills, loan repayments, childcare, groceries and travel.

This monthly payment will continue until you either return to work, die or your policy
ends. The maximum age is 69.

An example of how income protection works: if you break your leg (this could be at
work or during leisure time) and need 6 months off work (depending on the deferral
period you choose; between 3-12 months. Let’s assume 3 months in this scenario)
the policy would kick in after the 3 months and you would then receive 3 monthly
payments to support you.

If you then have a stroke and are unable to return to work indefinitely the payment
would again kick in after 3 months and carry on until one of the above 3 scenario’s.
Income protection doesn’t cover you for redundancy and voluntary unemployment.
Your income is your most important asset, you need to ensure you protect it!

*You must be a UK resident and be registered with a UK doctor for at least 2 years to
be applicable for this cover. You must also be paid into a UK based bank account e.g
Revolut/Wise/Monzo/Starling.*