Income Protection: Safeguarding Your Income During Difficult Times
Income protection insurance provides a financial safety net if you’re unable to work due to illness or injury.
Unlike Life Insurance, Income protection is a much under utilised type of protection. But with more and more people suffering with long term conditions and running their own businesses (either self-employed or via a limited company) their has never been more need.
Here at GoddardFry, our independent financial team can help you understand income protection options and find the right policy to fit your needs.
What is Income Protection Insurance?
Unlike life insurance, which pays out upon death, income protection provides a regular monthly income if you’re unable to work for an extended period. This helps cover your essential expenses and maintain your financial stability while you focus on recovery.
Why Consider Income Protection?
Many people rely on their income to meet their living costs. If illness or injury strikes and you can’t work, it can create significant financial strain. Income protection helps alleviate this worry by:
Replacing a portion of your income
- Typically, policies cover 50% to 70% of your pre-tax earnings, allowing you to manage your bills and essential expenses.
Providing peace of mind
- Knowing you have a financial safety net allows you to focus on getting better without the added stress of financial insecurity.
Long-term security
- Income protection benefits can continue until you return to work, retire, or reach the end of the policy term.
How Income Protection is Used:
Maintaining Your Lifestyle
- Income protection helps cover your regular expenses, such as mortgage payments, utilities, and groceries, allowing you to maintain your standard of living during a difficult time.
Supporting Your Family
- If you're the primary earner in your household, income protection ensures your family's financial security if you're unable to work.
Debt Management
- Income protection can help you stay on top of debt repayments, such as your mortgage or car loan, preventing financial hardship after illness.
Independent Financial Advice Makes a Difference
Choosing the right income protection plan requires careful consideration of your income, occupation, and financial goals. Our independent financial advisors can assist you by:
- Explaining the different types of income protection policies and their features.
- Comparing quotes from leading insurers to find the most competitive rates.
- Determining the appropriate level of coverage to meet your needs.
- Integrating income protection into your broader financial plan.
Take Control of Your Financial Future
Contact us today for a free consultation and let our experienced advisors guide you towards the income protection solution that provides peace of mind and protects your financial well-being.
Other Insurances:
Life Insurance: Protecting Your Loved Ones Future
Critical Illness Cover: A Safety Net for Life-Changing Diagnoses
Alex Fry
Having a wealth of experience designing and managing investment portfolios, Alex has the tools and experience to analyse existing investments and look for alternatives that balance risk and return to deliver the investment journey you require.