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Income Protection cover can be a range of insurance policies that pay out either a fixed sum or a monthly amount to cover the loss of income experienced during a period of unemployment, or loss of work through accidents or sickness.
Without a regular income, you may find that you would struggle financially, even if you were ill for only a short period, and you could end up using your savings to pay the bills. If you were to suffer from a serious illness, medical condition or accident, you could also find that you would never be able to return to work. Few of us could cope financially if we were off work for more than six to nine months.
By law, your employer must pay most employees statutory sick pay for up to 28 weeks. This will almost certainly be a lot less than your full earnings. Few employers pay for longer periods. If you find yourself in a situation where you are unable to return to work, your employer could even stop paying you altogether and terminate your employment. After that, you would probably have to rely on state benefits - and even that's for only 28 weeks at around £75 a week?What does income protection costs?
The cost of your cover will depend on your gender, age, state of health and whether or not you smoke. To work out whether income protection is right for you a FREE meeting with one of our specialist protection advisers will give you all the answers. Remember this can be done at our offcies or in the comfort of your own home and you are under no obiligation to arrange or even purchase a policy.
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