Protect Your Family

LET’S START WITH SOME FACTS:

• 40% of households can’t survive a month without income.
  Source: www.defacto.com
• 5 million self-employed workers don’t have access to sick pay.
  Source: www.gov.uk
• 75% of long-term work absence is caused by non-critical illnesses.
  Source: www.defacto.com
• 65% of people believe they wouldn’t be able to last three months without borrowing money.
  Source: www.money.co.uk
• 1 in 3 working aged people self-report a long-term health condition.
  Source: www.news.gov.uk

INCOME PROTECTION IS A BIG PRIORITY

However, it remains overshadowed by the more commonly bought life or critical illness cover. The following points will help demonstrate why income protection should always be considered first as a protection plan.

PAYS UP TO 70% OF YOUR SALARY

If you’re too ill to work for any reason, income protection will pay 60% to 70% (depending on the income protection provider) of your pre-tax income until you’re well enough to return to work.

IT PROTECTS SAVINGS AS WELL AS INCOME

It can take years for you to save even a modest rainy-day fund, and the last thing you want to spend your hard-earned savings on is every day bills because you are too ill to work. However, with an Income Protection Policy in place, your savings are safe. So, you can look forward to spending your savings on the good things in life.

INCOME PROTECTION WILL KEEP ON PAYING OUT

You never know how long an illness will last. Which is why, unlike critical illness cover (which pays out a single lump sum that could run out), income protection can pay a monthly benefit until you are well enough to return to work. Also, once you recover, the policy stays in place so that if at some point in the future, another illness prevents you from working, you can claim again.

IT COVERS ANY ILLNESS, NOT JUST CRITICAL ONES

To protect against illness, a critical illness policy could be recommended, which pays out if you are diagnosed with a serious illness defined by the insurer. But an illness doesn’t need to be critical to stop you from earning — and that’s the beauty of income protection: It pays out if you are too ill to do your job, irrelevant of the cause. Think of it as fully comprehensive illness protection. It’s affordable and there are different options to suit different budgets. Cost can be a barrier, which is why income protection is designed with several options which will help fit your budget.

CHOICE OF PREMIUM OPTIONS

You can select level guaranteed or age-costed premiums. Level guaranteed premiums stay the same for the life of the policy while age-costed premiums offer the flexibility of a lower starting price which increases over time. There is also the option of reviewable premiums where the provider will review premiums every so many years and may decide to leave as is, decrease or increase premiums.

CHOICE OF CLAIM PERIOD

A long-term claim period means a claim could potentially pay out for the entire term of the policy. Or you could have a cheaper, limited claim period of one, two or five years, meaning that each individual claim pays out for a shorter period of time.

CHOICE OF WAITING PERIOD

This is the length of time after becoming too ill to work that you will wait before you receive your monthly benefit. The options range from one day to one year. The longer the waiting period, the lower the premiums will be.

VALUED ADDED BENEFITS

All providers offer a wide range of health and well-being services to their customers alongside their income protection plan. Valued Added Benefits end normally at no additional cost.
These benefits can aid the prevention of illness as well as services to aid recovery such as:

• 24/7 Unlimited Remote GP
• Prescription Services
• Second Medical Opinion
• Physiotherapy
• Annual Health MOT
• Mental Health Support
• Nutrition Advice
• Rehabilitation Support Service
• Care Concierge

CONTACT US

If you would like to discuss Income Protection or any of your protection needs, please don’t hesitate to get in touch on 028 4372 3222 to speak to one of our advisers or email them directly:

• lisa@peakfinancialsolutions.co.uk (Lisa Trainor)
• lisapoland@peakfinancialsolutions.co.uk (Lisa Poland)
• natalie@peakfinancialsolutions.co.uk (Natalie Charlier)

📍 PEAK FINANCIAL SOLUTIONS, 109B MAIN STREET, NEWCASTLE, BT33 0AE
📞 TEL: 028 4372 3222
🌐 WWW.PEAKFINANCIALSOLUTIONS.CO.UK

4o