Navigate Income Protection
Income protection is designed to provide a financial safety net in the event that you are unable to work due to a serious illness or injury.
At Navigate Wealth, we can help you to decipher the numerous options available to you relating to income protection. We will always put your needs at the forefront of everything we do.
To find out whether income protection is recommended for you, or to arrange a free consultation, contact the Navigate Wealth team on 0345 340 9690 or use our .
What is income protection insurance?
Income protection cover is a long-term insurance policy that is designed to help if you are unable to work because you are unwell or injured. It ensures that you will still receive a regular income until you retire or are able to return to work.
Income protection insurance is not the same as critical illness cover, which pays out a one-off lump sum if you are diagnosed with a specific serious illness. It is also not the same as short-term income protection, which pays out a monthly sum related to your income but only for a limited period.
With most income protection plans, the following usually apply:
- The policy will replace part of your income
- It pays out until you can start working again, retire, die or the policy term ends, whichever is sooner
- You may have to wait for a period of time before the payments begin - usually you will set payments to start after your sick pay ends, or after any other insurance stops covering you
- The policy will cover most illnesses that leave you unable to work - either in the short or long term, depending on the type of policy and its definition of incapacity
- You can claim as many times as you need to for as long as the policy lasts
Do I need income protection insurance?
The Association of British Insurers estimates that one million employees are unable to work because of a serious illness or injury each year. With this in mind, having some kind of protection in place is highly recommended.
At Navigate Wealth, we will advise you on whether income protection is the right option for you. We will assist you in making important decisions about your financial future, and ensure you have all the knowledge required to make an informed decision.
How much does income protection cost?
The amount of insurance you pay each month will depend on the policy and your circumstances.
The cost of cover usually depends on a number of factors, including:
- Your age
- Your job
- Whether you smoke
- The percentage of income you would like to cover
- The waiting period before the policy is paid
- How long you wish the cover to protect you for
- Your current health - including your lifestyle, weight and your family medical history
To find out more about income protection, or to arrange a free consultation, you can contact the Navigate Wealth team on 0345 340 9690 or use our .