Income Protection

An Income Protection Plan ensures your bills, mortgage or rent are covered if you suffer redundancy, illness or injury. 

For a relatively low monthly payment, you can provide security for you and your family if you are unable to work.

With insurance packages available for various employment types and payout amounts, a tailored income protection plan can make all the difference if you are suddenly without an income.

We all insure our property against many risks with building and contents insurance but rarely focus on the consequences of not being able to pay the rent or a mortgage. Taking out Income Protection Insurance provides peace of mind for families when stressful life events happen.

Dependant on your policy, if you were made redundant or unable to work, Income Protection Payments can cover around 50% of your gross salary and not attract income tax, providing funds for you to keep on top of bills, rent or mortgage.

If you are self-employed it means you have no employee benefits. This means that if you were sick or had an accident and unable to work, you would have no income. You are probably aware of how this kind of scenario could spiral and cause a wide range of issues.

Considering the impacts of longterm sickness or no income from yourself or your partner can be scary, but whatever your situation and age, taking out income protection cover can make the future look slightly brighter.

There are two types of income protection policies. Permanent Health Insurance (PHI) usually covers around 50% of your gross income if you are unable to work due to an accident or illness. Paying out until your retirement age, it is a longterm cover for your mortgage and bills. It is separate from private healthcare insurance that pays for any medical costs or treatment.

Accident, Sickness & Unemployment (ASU) cover is usually a short term policy which protects against accident, sickness as well as losing your job. The payments cover your mortgage or rent alongside credit card debt and living costs for around 12 or 24 months.

With so many complexities between different policy types, company products and your own personal circumstances, it isn't straightforward to compare one income insurance policy against another.

The team at trufe. work with you to find out your situation and what features and payouts would be required in the event of accident, sickness or unemployment to make sure you are protected.