Income Protection Insurance

One of the biggest fears for many people is not being able to pay the mortgage – or meet other financial commitments – if they are unable to work due to illness or accident. This is particularly worrying in the current uncertain climate, but one of the simplest ways to cover loss of earnings is by taking out income protection.

Income protection pays out a regular tax-free replacement income if you are unable to work because of ill health or an accident; it enables you to pay the mortgage, as well as the daily costs of living.

Income protection policies pay out a set amount of income after a specified period of time, and you can elect a waiting period of between one and 12 months; the longer you defer, the cheaper the policy. It usually then pays out until you either return to work, retire, the policy expires  – or death.

Family Income Benefit Insurance

Family Income Benefit is an innovative type of life insurance product, which is useful and extremely good value when compared to some other types of life or health insurance.

As with term assurance policies, family income benefit policies provide cover on death if you die during the policy term. But instead of a lump sum, it gives regular set payments (income) for the rest of the term of the contract. Premiums remain level throughout, and if you live beyond the end of the policy there will be no pay out. This means that it is an attractive product for those who would like to ensure that their family will maintain a regular income after their death, rather than a one-off payment, which could potentially be wasted.

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