We can often insure everything else in our lives, except one of the most important things of all: our income. How would you pay your bills if you lost your income tomorrow? Its not to hard to see that without an income, our entire world can start to fall apart, and an illness or accident could happen at any time.
Income Protection policies are generally very straightforward and simple to set up, as it’s bespoke to your circumstances. It can provide an income on a monthly basis, tax free to replace up to 65% of the lost earnings. This can be set up to pay until retirement, or until you can return to earning a salary again. Unlike car or home insurance, your premiums won’t increase due to a claim, and the insurer generally can’t cancel your policy, which is why this cover used to be called Permanent Health Insurance. This can be tied in with your existing benefits, if you receive any from your employer, to ensure a seamless transition with no break in income.
It’s our professional responsibility to ensure that your home and family are protected and that you are aware of the risks involved with taking on a mortgage. We can discuss and help assess your circumstances with you to discover if Income Protection Cover is relevant for you and what level of cover would be most appropriate.
Please note that Liberty Financial Services (UK) Limited does not offer advice on taxation matters. You should contact your accountant or other suitably qualified person to confirm whether this product is appropriate for your circumstances.
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Please Note: For these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.