Income Protection

In the event of an accident or illness, Income Protection will pay out a proportion of your monthly income until you are able to return to work. This will generally be paid out in installments like a salary, so you still receive an income to replace any loss in earnings due to an illness or accidental injury.

One of the principal worries for people suffering from any of the above circumstances, is being unable to pay for their mortgage or meet financial commitments. Income Protection pays out a regular tax-free replacement income, enabling you to sustain your mortgage payments and any other expenses.

WHAT DO I NEED TO KNOW ABOUT INCOME PROTECTION?

If you find yourself unable to work due to illness or a medical condition, Income Protection will help cover your overall expenditure, rather than just provide one lump sum.

Policies usually pay out a set amount of income after a specific period of time (the deferral period), which can be elected as anything between 1 to 12 months (typically, the longer the deferral – the cheaper the policy). It will then pay out until you return to work, retire or the policy expires.

Although life insurance is often the first policy homeowners consider when buying a home, Income Protection can often prove more beneficial, as you are generally more likely to be unable to work due to sickness or injury than death.

Different protection policies will offer varying premiums and levels of cover, so it’s important you know exactly what you are covered for, and more importantly, what you are not.

HOW CAN ENNESS HELP WITH INCOME PROTECTION?

Our insurance team are experts in this field; it’s this knowledge and experience that allows us to compare every policy with a balanced view. We are dedicated to finding the very best option for you at the best possible price.

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