Income Protection Insurance
Protection when it matters.
Imagine not being able to work due to a medical condition like cancer or a mishap like a car accident. In a world of uncertainties, how would you manage your financial commitments? Enter Income Protection Insurance - your safety net when life throws a curveball. Providing a percentage of your income when you can't earn ensures you and your family aren't left in financial distress.
Key Features
1
Regular Monthly Income
If illness or an injury renders you jobless, then an Income Protection Policy ensures you receive between 50% and 65% of your regular income.
2
Duration of Payments
The policy continues to pay you until you can resume work, retire, or until the policy term ends - whichever comes first.
3
Broad Coverage
Various policies cover a plethora of illnesses and situations that might cause you to stop working, whether short or long-term.
4
Claim Multiple Times
One of the unique features is that you can claim as many times as needed during the policy's lifespan.
Do You need Income Protection Insurance?
Consider the following:
- How will you manage monthly expenses without your regular salary?
- Do you have enough savings to sustain if your income stops for a prolonged period?
- What's your employer's policy on long-term sick leave?
If these questions resonate with you, then our Income Protection Insurance is something you should seriously contemplate.
Remember, it's not redundancy insurance. It's about supporting you when medical conditions prevent you from earning.
Why Choose Income Protection?
1. Financial Consistency: Manage monthly expenses without stress.
2. Peace of Mind: Instead of fretting about bills, focus entirely on your recovery.
3. Tailored Monthly Payments: Designed to align with your regular income so your lifestyle remains unaffected.
How It Works
Once you've opted for Income Protection Insurance, after a predefined waiting period (often termed 'deferred'), you begin to receive payments; these waiting periods could be 4, 13, 26 weeks or even a year.
Opting for a more extended waiting period can reduce your monthly premiums. And remember, this is distinct from critical illness insurance, which grants a lump sum for specific ailments.
Think your employer has you covered indefinitely? Think again.
Most companies transfer employees to Statutory Sick Pay within half a year. Rarely do employers financially support staff beyond a year for prolonged medical leave. The financial brunt can be overwhelming, especially for the self-employed, without sick pay benefits.
What Determines the Cost?
Your monthly premium is shaped by various factors, from age and occupation to smoking habits and the percentage of income you're insuring.
The depth of coverage, the waiting period, and your current health status also play a role.
Furthermore, you can opt for:
Reviewable Premium
Typically reassessed every five years, these premiums are likely to change, usually increasing over time.
Guaranteed Premium
Stay constant throughout the policy term. They might seem costlier initially, but many cherish their predictability and long-term security.
Guidance Tailored for
Your Needs
Envoy Financial's mortgage and protection consultants aren't just here to sell policies. They're dedicated to understanding your unique situation, guiding you on optimal coverage levels, and ensuring you choose the policy best suited to your needs. We believe in crafting a financial safety net that's as individual as you are.
Life is unpredictable, but your financial security shouldn't be. With Income Protection Insurance, you ensure that your financial stability remains intact despite challenges.
Envoy Financial: Your partner in ensuring you're covered, come what may.
Reach out to our mortgage and protection consultants today for to discuss your needs.
Advice You Can Trust
I can't recommend envoy financial enough. When buying our first home Ross was amazing. Ross was patient and understanding. He was there to answer all our question morning and night.
Sophie Borthwick
I entered this new life chapter with completely zero knowledge of how I wanted to proceed, one thing I did know was that I wanted to buy my first home. I was recommended Ross by a close friend.
Abby Todd
Couldn't give any higher praise to Envoy for their help in securing me a mortgage for my first home. Ross was absolutely brilliant and by far the most helpful and honest person along my house buying journey.
Liam Hopkins