Do I really need income protection? Is it important? Seven families

Each year one million people in the UK find themselves unable to work due to illness or injury, according to the Money Advice Service. They thought it would never happen to them…

Income Protection is there to do one thing only – provide a replacement income if you fall ill or suffer an injury. 

Below is a short video of real people who have experienced unexpected illnesses that have been life-changing.

It could happen to you

Source: Cover Magazine October 2020

The original 7 Families videos followed seven real families, who had lost their income because of an illness or accident. The videos were funded by a range of insurers and backed by Disability UK.

Is it expensive?

As the likelihood of getting sick or injured is higher than the likelihood of dying or perhaps suffering from a serious illness; the premiums for income protection will be higher than life cover or critical illness cover.

However, there are various ways and means of bringing premiums down to a more affordable level to fit in line with budgets.

There are many different types of income protection. Some payout until you fully recover enough to return back to work, or reach the end of the policy term – usually set at retirement age.

Others can payout for a set period of time of your choosing at outset. Claim periods are available of one, two or five years. This may be long enough for you to recover and return back to work. The longer the claim period the better, to cover every eventuality (within affordability of course). Although a payment term of one year will be cheaper than a policy of say five years.

Do I have to pay for advice?

It pays to speak with an expert who can discuss all of the options available to you. We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK and are committed to thorough research so that you don’t have to.

What’s more, our advice comes at no obligation and with no hidden costs. You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

For more information on the 7 Families campaign please click here.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof


Interested in related stories?

Jon’s moving story – being diagnosed with cancer.

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

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