Income Protection from Horbury Financial Services Limited

Income Protection

Income Protection

Employed or self-employed the chances of finding yourself unable to work due to long-term illness or injury are unfortunately all too high. If it happened to you, would you be able to pay all your financial commitments and cope on what the State might give you? (Statutory Sick Pay rate 2016/17 £88.45 per week. Source: www.direct.gov.uk).

Income protection aims to pay you a regular tax-free benefit if you suffer illness or accidental injury leading to a loss of earnings during the cover term and will keep on paying you right up to retirement if that is the term you select, not just for one or two years like many ordinary “Accident, Sickness and Unemployment” plans. You can normally cover up to 65% of your personal taxable income prior to incapacity and choose from a range of deferred periods. For example, if you are self-employed you may want the payments to start as soon as you are incapacitated, but if you get six months’ sick pay from your company scheme you can defer the start of the payments for six months, which will generally make your premium lower.

Housepersons’ Cover

One area that’s often overlooked when families are considering their income protection needs is that of the homemaker. Think of all the hours spent on housework and child-care. Now imagine paying someone else to do this. Housepersons’ cover can provide regular tax-free income to cover the cost of childcare, invalidity care or household help if you suffer illness or accidental injury during the cover term.

Contact us today for a review of your circumstances. Protecting your income is one of the cornerstones of a firm financial future.