How will you pay your bills if your income were to cease?


Income Protection Insurance


Income Protection Insurance is more than just a safety net; in fact, it offers considerable peace of mind. In the event of not being able to work due to illness or injury, this form of insurance provides valuable protection: paying you a monthly income so you can forget about the bills and concentrate on getting better. At such a fraught time, worrying about finances should be the last thing on your mind. Income Protection Cover can be tailored to your individual needs, which will help you cope with whatever lies ahead.

Why Would I Need Income Protection Insurance?

A common misconception is that Income Protection Insurance is only relevant for those with hazardous occupations: but the truth is that incapacitating illness and injury occurs across all industries, and affects people of all ages. Measuring illness-related absences during the pandemic has been tricky, but - as an example - the UK Office of National Statistics stated that, between September and November 2019, over 2 million people were unable to work due to long-term sickness.

How Can Income Protection Insurance Help Me?

First and foremost, Income Protection Insurance will ensure that you’re paid a portion of your regular income if you’re unable to work due to illness or injury. Furthermore, it can be tailored to your individual circumstances: from the risks (your job, age, and health, which may impact the monthly premium) to your needs (tailoring the plan to suit your individual requirements, for example).


When thinking of the future, it’s helpful to have options. Perhaps you feel confident that you’ll only need help with some of the essential bills (like utilities, or food); perhaps you want a greater level of financial support. You can even choose whether you’d like a fixed monthly benefit amount or to cover a percentage of your earnings. And, in addition, you’ll choose the point at which you want your Income Protection Insurance to kick in (i.e., how many weeks after you stop working - this is known as the ‘deferred period’). In general, the longer the deferred period is, the cheaper the monthly premium; but it’s highly advised that you think about this carefully. We’d recommend drawing up a budget, taking everything into account, and trying to work out how long you can comfortably manage before financial assistance is required. If the worst were to happen and you were having to cope with a potentially serious illness, the priority should be your comfort and wellbeing: it’s best to avoid the extra stress of trying to manage before additional financial support becomes available.


Contact Cherry Godfrey today to discuss your personal insurance needs. Our experts are on hand to help with Life Insurance, Critical Illness Cover, Income Protection Insurance policies and more – together we’ll find the best cover for your needs.