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Income Protection
What would you do if you could not work due to an accident or ill health? If you had a reduced income, how would your life be affected?
Income protection insurance is designed to ensure that you have a guaranteed and regular income if you are too unwell to work due to sickness or injury. Normally you will continue to receive this benefit until you are well enough to return to work, retirement or the policy expiry date.
When you buy an income protection policy you choose how much of your income you want covered. The maximum is normally between 50% and 70% of your gross income (varies by Insurer). The payments are tax free so the shortfall is usually minimal. Remember you might also be eligible for sick pay or other company benefits.
If you feel that unemployment might also be a risk then some Insurers will allow you to add unemployment protection to your policy for an additional premium.
Income protection premiums can be either ‘guaranteed’ or ‘reviewable’. A guaranteed policy could cost more, but gives you the peace of mind of knowing the amount you pay for the cover won’t change. With reviewable policies, the amount you pay may increase when premium rates are reviewed typically every five or ten years. There will usually be no limits to how much your premium may increase when rates are reviewed. If you would like to know more about this, please contact our Devon team.
Our Devon team understand the worries you may have and can work with you to put precautions in place
Before arranging your cover, you need to consider;
What will your employer pay and for how long?
Will the policy run to retirement or end before?
Do you want a reviewable or guaranteed policy?
And how much can you afford to pay?
Peace of mind
This policy will ensure you have an income if you cannot work due to illness or injury, ensuring that you and your family can remain in your home and cover your household expenses
You can defer
A deferred period can be put in place (this will lower the premium) before the policy comes into force. For instance, you might have enough savings to last you for two months without working so your policy would have a deferred period of two months, before it would start paying you
You choose
You can choose how much income you want to cover (up to the maximum specified by the Insurer)
Tax free!
Payments are tax free
No need to worry.
We will deal with all your concerns.
Have a question? Contact our Devon team today.
Beerstone Financial Services was established in 1996 by Chris Beer, our Director, who still oversees the company and ensures we maintain the best service.
In total we have over 30 years of experience in financial services working in a range of environments so you can be sure that your situation is in experienced hands.
Speak to our team
Visit our offices: 2 Southernhay West, Exeter, EX1 1JG
Beerstone Financial Services Ltd (542704) is an Appointed Representative of BrokerSync Ltd, which is authorised and regulated by the Financial Conduct Authority (1031981).
There may be a fee for Mortgage Advice. The precise amount will depend upon your circumstances and will be agreed upon following your initial meeting.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. Beerstone Financial Services Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
Investments, Pensions, Wills, Trusts, PMI and Estate Planning will be referred to our authorised third-party providers. ABC Ltd and BrokerSync Ltd are not responsible for any advice received from the third-party providers.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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