Income Protection and
Specified Serious Illness

Income Protection

You may sometimes be unable to work after an accident or through long-term illness, and it’s stressful not being able to earn an income when it’s outside your control. The State does provide benefits in these cases, but it’s unlikely to replace or meet your needs if you’re in a full-time job or self-employed.

An Income Protection Policy takes away this reliance on State benefits. For the cost of a regular premium, an insurer will pay a replacement income of up to 75% of your salary, including State disability, up to a specified retirement age. The premiums for these types of policies can also qualify for income tax relief.

Specified Serious Illness Cover

Specified Serious Illness Cover can be invaluable, but too often it is overlooked. Life assurance or mortgage protection covers financial issues when someone dies, and income protection provides a replacement salary. However, if someone suddenly becomes very ill or disabled, these policies can’t deal with the resultant significant unforeseen costs.

A specified illness policy will pay out an immediate lump sum on diagnosis of any conditions covered. This lump sum will help alleviate any immediate financial concerns, in what would otherwise be a very difficult time.

The amounts of cover needed can vary significantly depending on individual needs. However, the benefit can greatly outweigh the affordable cost, and the sum insured can be very meaningful in challenging and unpredictable circumstances.

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