Income Protection
Protecting your income if illness or injury prevents you from working.
Income protection insurance is designed to replace a proportion of your earnings if you are unable to work due to illness or injury. Unlike critical illness cover, income protection pays out a regular income rather than a lump sum, and continues to pay until you are able to return to work, retire, or the policy term ends.
Many people underestimate how long they could be off work — and how quickly savings can be depleted. State benefits alone are rarely sufficient to maintain your standard of living. Income protection gives you the peace of mind that your essential outgoings will be covered.
Key Features
Replaces Lost Earnings
Typically pays between 50% and 70% of your gross income, tax-free, if you are unable to work due to illness or injury.
Short or Long Term Cover
Policies range from short-term plans covering a defined period (e.g. 1–2 years) to long-term plans that pay out right through to retirement age.
Deferred Period
You choose a deferred (waiting) period — typically 4, 8, 13, 26 or 52 weeks — before the policy starts paying. A longer deferred period usually means a lower premium.
Own Occupation Definition
The best policies pay out if you are unable to perform your own occupation, rather than any occupation. We will help you find a policy with the most favourable definition for your circumstances.
Who Should Consider Income Protection?
Income protection is particularly important for the self-employed, who have no access to statutory sick pay, and for employees whose employer sick pay is limited. It is also worth considering if you have dependants who rely on your income, or significant financial commitments such as a mortgage.
There are a range of products available to suit different occupations, budgets and circumstances. Our independent advisers will assess your situation and recommend the most appropriate policy from across the whole market.
SBC Financial is a trading style of Steven John O'Neill, who is authorised and regulated by the Financial Conduct Authority. FCA reference number: 997666. The premiums and benefits payable under an income protection policy will depend on your individual circumstances, occupation and health. Always read the key features document before taking out any protection policy.
Find out how income protection could safeguard your financial security — speak to one of our independent advisers today.
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