Income
Protection

 

What is it?

Income Protection is an insurance policy designed to pay out a regular income if you are unable to work due to an accident or sickness.

The pay-out can make sure you are still able to meet your essential household costs. For example, your mortgage/rent, utilities and to put food on the table, until you are able to return to work.

Please note, given the current circumstance you won’t receive redundancy/unemployment cover with Income Protection.

 

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FAQ’s For Income Protection

How much Income Protection will I get?

You can protect up to 70% of your income. If you are employed this will be calculated on your gross income, and if you are self-employed this is taken from your net profit.

How much will it cost?

The price will depend on many factors such as health and lifestyle, the cover amount, age, occupation and deferred period.

What is the deferred period?

The deferred period is the length of time that you can wait until you need the insurance to payout. For example, if you receive sick pay from your employer for the first 3 months, you could choose a 3-month deferred period. Or, if you are self-employed and would need the insurer to pay straight away if you can’t work, you could choose a deferred period of 1 day, or 1 week.

Would an Income Protection policy affect my statutory Sick Pay?

No, you are still entitled to claim Statutory Sick Pay if you are employed, as well as claiming for income protection. If you are self-employed you are not entitled to SSP

Would Income Protection cover pre-existing medical conditions?

Depending on the condition, when it was diagnosed and if there are any ongoing symptoms your insurer might exclude any pre-existing conditions temporarily. However, after a period of time has passed they may review so that the conditions are then included on the plan. In certain cases, and for mild conditions they may be included from the start of the policy.

Manor Financial is a trading name of Manor Financial Advice Ltd. Manor Financial Advice Ltd is authorised and regulated by the Financial Conduct Authority under registration number 810808. The company is incorporated in England and Wales (no. 07728991).