Income Protection

A simple way to protect your most valuable asset

If you were asked to think of your most valuable asset, you might immediately think of your home. But have you considered that it might, in fact, be your salary?

After all, it pays the bills, keeps the roof over your head and maintains the lifestyle you and your family enjoy. And if that asset were suddenly to be taken away, as a result of illness or an accident, you may find it difficult to maintain your lifestyle or support the people who rely on you.

Income protection plans do exactly what they say on the tin. Unlike a critical illness or life insurance policy, which provide you with a lump sum payment, an income protection plan can pay out a regular tax-free income if you’re unable to work through illness or accident.

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There’s normally a delay before you receive the first payment, known as the ‘deferred’, or ‘waiting’ period, and the income paid out would stop when you’re either well enough to return to work, you retire, or (worst case scenario) you die.

The cost of income protection cover can depend on a number of factors, including your medical history and whether you take part in any hobbies that the provider might consider risky. You’ll generally pay less for cover if you choose a plan with a longer deferred period – to fit in with any existing sick pay that your employer would pay you, for instance.

As with all insurance policies, it’s important to check the terms and conditions before signing up, and to seek advice from a financial advice professional to ensure the cover you choose is appropriate for your needs.

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Registered in England and Wales

Amber River Group Limited is not authorised to give financial advice. The financial planning businesses who are part of the Amber River Group are separately authorised businesses and therefore able to give advice.

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