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I was lost with all the life insurance options available on the market. Adviser Financial helped me identify a product that was right for my needs and got me a great price.
Kara Jones - Manchester
Income protection insurance protects your income when you can't work because you are sick or become disabled. This type of insurance should not be confused with accident, sickness & unemployment insurance which provides short term cover.
Income protection insurance is designed to run over a long term similar to life insurance either to coincide with the term of your mortgage or the end of your working life.
The reason everyone should have income protection is because the state benefits system simply does not provide adequately if you are unable to earn and not being able to work due to ill health is a real possibility for us all.
The maximum level of cover you can buy is about half your current income, as the insurers want you to be incentivised to try and get better and back to work. Though because the insurance payments are tax-free the income you'll receive is not far short of your net income normally. You can also choose to protect your cover against inflation.
For further details or quotes on income protection, please call 0161 792 8855.