Your Property Financial
Your Property Financial
Check out our brief income covered video below
How would you pay your bills if your income stopped?
For most the loss of their monthly income would be fatal for their finances and would immediately result in severe financial hardship. Once your sick pay at work ends you're effectively on your own!
Even if you had some savings, these would be quickly eaten up by being used to cover your monthly outgoings.
At Your Property Financial, we can help you put in place Income Protection which is designed to replace your income if you're unable to work due to sickness, accident, or disability.
If you're employed your sick pay likely only runs for a few months and if you're self-employed you have no sick pay at all! So if your income stopped things will become tough really quickly.
Without your income covered or very significant savings behind you, if something goes wrong you could end up behind on your bills, mortgage or rent arrears with your home at risk and even potentially not able to put food on the table!
The good news is often only at the price of a cup of coffee you can protect your monthly income.
Why wouldn't you protect your income?
The biggest question to ask yourself is once your sick pay with work ends (which it will after only a few months typically) how would you survive with no income?
If you don’t have a solid answer this type of plan is something you should be considering.
Income Protection can cover you if you can’t perform your own occupation due to sickness, accident or disability and has the potential to pay out to you for many years if something was to go really wrong.
Income Protection is essentially putting in place your own long-term sick pay arrangement, these are very significant and comprehensive insurance plans that can potentially cover your income right up until your 70th birthday.
Income Protection provides the peace of mind that you will continue to receive a monthly income until you are ready and able to return to work.
How does income protection benefit work?
Payable tax-free at an amount up to 60% of your gross income.
- You can still maintain your standard of living until you can return to work when you're feeling better.
- You don't need to dip into your savings.
- If you're self employed you can also get cover
How does it work?
- The benefit pays out after your current sick pay ends.
- It will then continue to pay out while you're signed off work by your doctor.
- It will only stop paying out if you reach the end of the cover term or you're well enough to return to work
Protecting your mortgage and essential bill payments.
- It is important to make sure you have the means to pay your mortgage, utility bills, council tax, and food bills if you are unable to work.
- Protecting yourself from falling into arrears, default, severe financial difficulties and by extension protecting your credit score.
What are some of the options with your income protection benefit?
Full-term cover
With a plan that pays you for as long as you need—until you go back to work, retire, or your policy ends. For complete peace of mind that you’d always have money coming in.
Short-term cover available
Pays out for a set duration (1, 2 or 5 years).
Cheaper than full-term cover, but bear in mind it stops paying after that time – even if you are still unable to return to work.
The waiting period
It is important to consider the waiting period (Time before payout) of any policy you are considering - the longer the waiting period, the more you may be able to reduce the premium paid.
Complete your details below and we’ll be in touch to help you with your enquiry
Get in touch for an initial free, no-obligation chat with an advisor about how we might be able to help you.
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People claim for a variety of reasons.
Income protection cover offers you a monthly income if you're unable to work due to sickness, accident or disability and are signed off work by your GP.
Common conditions claimed for include:
Musculoskeletal injuries or conditions: Like broken bones or back pain.
Mental health conditions: Like stress, anxiety or depression.
Other serious illnesses: Like cancer, heart attack or stroke.
Why choose us
Access to all the top insurers - Comprehensive range of options!
Exclusive rates - not available on the high street special deals!
Insurer relationships - Existing medical issues? We can help!
We structure a completely bespoke protection package to suit your needs!