Income Protection | Personal

INCOME PROTECTION

Protecting your monthly income during prolonged periods of ill health

We understand income protection

Income Protection provides a monthly, tax-free benefit, should you be unable to work due to ill health or injury – effectively enabling you to provide your own sick pay.

The maximum monthly benefit allowable is generally set at around 60% of your salary (plus dividends if you are a business owner). There is a broad choice of policies available, which vary greatly in how they cover you and therefore how they are priced, so it’s critical you take advice before purchasing one.

There are also a number of key decisions you need to make including how soon the benefit will start being paid to you once you’ve been signed off sick (the deferred period), as well as how long it will pay for any one continuous episode of ill health (the benefit period).

FREQUENTLY ASKED QUESTIONS

Who can have Income Protection?

Income Protection is available to business owners, the self-employed or those working for someone else and covers nearly all occupations. It is however a more complicated product compared to critical illness cover, so getting good advice, so that you get the right policy for you and your circumstances, is vital.

Contact Pangea Life directly and our helpful advisors will be able to advise and guide you through the policy process.
Is Income Protection worth having?

Income Protection can offer the most robust financial protection for you and your family if you become unable to work due to ill-health or injury. Whether you would struggle financially within a few days of being unable to work, or whether your main concern is the consequence of much longer ill health, Income Protection can provide the cover you need.