Sometimes you’re unable to work…

Let’s be honest, none of us like to think something bad will happen to us, which can affect our ability to work. However, every year approximately a million people find themselves in this situation due to a serious illness or injury. Only a minority of employers support their staff for more than a year if they’re off sick from work, and even then are the payments low. Doesn’t have to be serious….any accident or illness could mean you are off sick.

• Self-employed have no sick pay at all – who are they going to rely on?
• Single parents with children – How would they cope?
• Main breadwinner and a house person….if the main breadwinner becomes ill then what?

The vast majority of people go to statutory sick pay or sick pay that covers a month or two. You work hard for your saving and these could run out so quickly with no sick cover.

How would you manage? How would you pay your bills? Could you survive on your sick pay? If you need extra cover why not consider Income Protection insurance. Here we explain what it covers and why you may need it. Most people could not manage for 6 weeks without their regular income however bills continue to roll in.

Explaining Income Protection Insurance so it makes sense to you

Formerly known as Permanent Health insurance, Income Protection (IP) insurance is an insurance policy that provides cover if you can’t work because have an illness or had an accident and injury..

IP covers most illnesses and injuries that leave you unable to work in the long term, and the short term, depending on the policy you choose. It replaces part of your income, usually up to 60% of your gross salary and pays out a tax-free monthly sum. You will start to be paid out once your sick pay ends and continue either until you can work again, you retire, your policy ends, or you die.

Or you can have a policy that limits the benefit to one or 2 years maximum in claim and this will result in a cheaper premium

One of the questions we are often asked at Steve Allen Insurance is about the benefit of Income Protection Insurance. The most important factor is to ease financial hardships and should be considered if you fall into one of the following categories:

• If you have dependants such as a partner and children that live off your income
• If you have no savings and you are solely dependant on the income generated from work
• If you’re self-employed and you do not have sick pay to fall back on

People insure against redundancy to protect the mortgage – HUGE difference is if you lose your job it’s in your hands to get another…if you are off ill who knows when you will go back to work.

How do I get Income Protection insurance?

We would ask you to consider the following:-

• How much cover do you require, your occupation, age, smoker status and overall health.
• What it is that you want to be covered by the policy, such as your debts and expenses. Cover that is appropriate for you at a premium that you find affordable.
• You may not have any in cover in place so SAI guide you on the best policies available.

Protect the biggest assets. People can spend more on pet insurance or insuring their gadgets, white goods, boiler and drain than they do on protecting themselves! If you cannot work all those other insurance policies would probably have to be cancelled.

Steve Allen Insurance works with you to secure you the best IP insurance cover to suit your requirements. If you own your own limited company, we can secure you a policy that you can put through the business and offset against Corporation Tax

We highly recommend that you don’t wait until it’s too late, and you consider an Income Protection Insurance Policy! If you would like more information call us now on 0161 766 1927, or you can visit our website www.stevealleninsurance.com