We can help you cope financially, if you can't work because you're sick or injured.

The average annual income in UK is around £24,000. If we assume a working life of 45 years (although it seems we all will be working till 100 in a few years time), during their working life the average person has the capacity to earn well over £1m. Your ability to earn is your most expensive asset. What if this ability was taken away, temporarily or, in some cases, completely? Could you cope financially?

If you are single or are the main or only bread winner, this can have devastating financial consequences - you will be entitled to the benefits from your employer initially and then state benefits, but would you be able to keep your lifestyle or even just pay the bills solely from a sharply reduced income? 20% of people in the UK have no savings whatsoever and another 30% have less than £500 (Source- MORI Poll March 2011). Even if you have a spouse or partner earning a good wage you both might have to make significant adjustments.

Income Protection Cover can go a long way in helping you to solve the financial worries. Typically, you can protect up to 50% of your pre-tax income, and the benefits are tax free, so you are in effect receiving about 70% of your earned income. The application and underwriting process is similar to Life Cover but there are two significant differences; the underwriting will take into account your profession too and any existing benefits will reduce the available cover.

There are several deferred periods to chose from, the longer the deferred period that you can wait to start the cover and can rely on your savings or employers benefits, the lower the premium.

Once you have been accepted, the Insurer cannot cancel the policy. You will be able to claim on it as many times as necessary during the term of the policy. Your assumed retirement date is usually the policy end date, but you can select any term as per your requirements and budget. Your adviser will help you to decide on the cover amount, deferred period and term and complete the application for you.

For honest impartial advice, please contact us on 0845 263 0008 to make an appointment or if you prefer you can email us on money@outlet.co.uk. Alternatively, please complete the form below and an adviser will be in touch in the next 24 hours.

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