Income protection (permanent health insurance)
Short of dying, one of the most devastating things that can happen to most people during their normal working life is to become ill or disabled and forced to live on state benefits.
Ask yourself what will happen if you become too ill to work.
- Will you be able to keep up mortgage payments?
- What state benefits will you receive?
- How long will your savings last?
- For how long will your employer pay you?
Good news for employees
Many employee benefit schemes include some income protection as part of their benefits. This is often known as sickness or disability benefit, and if you provide us with a copy of your employee benefit booklet, we will be able to calculate how much cover this offers you.
If you do not have cover through your employer, then you may need to purchase your own.
The cost depends upon a number of factors including your age, how safe or dangerous your employment is, your state of health and how long you are willing to wait before any payment commences. Some people opt for policies that pay out after only four weeks, but others, seeking to cover only the most serious of emergencies, are willing to wait two years.
Most people choose a delay, e.g. of six or twelve months, to accord with resources available and/or employer support for the interim.
When the deferred period is shorter the premiums are likely to be significantly higher.
If cover is required, we will be pleased to provide quotes that suit your needs as part of our overall advisory service.
You can set up an income protection scheme for individual employees, or for employees as a group.
This is a relatively low cost benefit but one that provides great peace of mind for both you and your employees. Few workplace situations are harder for a manager to deal with than telling a liked and respected employee that, because of their illness, they won't get any more money.
An income protection scheme can remove these worries for both company and employee.
Gary Jones trading as Chewton Financial Planning is an appointed representative of The Whitechurch Network Limited which is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 190859 http://www.fca.org.uk/register.
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