Income Protection Insurance Glasgow | Roxburgh Group
Get peace of mind, and get on with your life
No one likes to think about what will happen if they can’t work through illness or an accident. But it something we should all make some time for. If you find yourself unable to work you may qualify for Statutory Sick Pay (SSP). It’s paid for up to 28 weeks by your employer. But it’s fixed at £89.35 per week, so it’s unlikely to be adequate to cover all your outgoings. There are other benefits you may be entitled to, like housing benefit, but these are dependent on your circumstances. Income protection cover means you can ensure you’re financially comfortable should the worst happen.
How does income protection work?
It’s designed to support you if you can’t work because you become ill or are injured. There are a few things that you need to know, so you can find the right cover for you and your circumstances.
It replaces part of your income. It pays out until you can start working again, or you retire or you reach the end of your policy term (whichever occurs first). It’s important to note that there’s a waiting period before you start receiving payments. You can choose to have your cover start once your SSP ends (after 28 weeks) or after any other insurance cover you have ends. Generally, the longer you wait before you start receiving payments, the lower your premiums will be.
It pays a percentage of your gross salary or your take-home pay. This percentage is set by you and affects the premiums you’ll pay. You can claim as many times as you need to while your policy is active.
How much will it cost?
We know that a figure here would be useful to help you. But there are so many things that affect the cost that it’s impossible to give a one-size-fits-all answer. The main things that will affect the cost of your cover are your occupation, the waiting period before the payments start, the payment period and whether you smoke or not.
If you work in an administration job your policy is likely to cost less than someone who works in, say, manual labour in a heavy industry.
The longer the period before your payments start, the lower your premiums are likely to be. You should make sure this dovetails with the SSP you’re entitled to from your employer.
The longer your policy covers you for, the higher your premium will be.
And, when it comes to smoking, the rule is simple – non-smokers pay less.
What types of income protection cover are available?
The main types of cover available are simple level-term insurance, decreasing-term insurance and family income benefit insurance.
Level-term insurance is a policy that lasts for a set number of years. This is the simplest cover you can arrange and it’s generally the most cost-efficient way to buy cover. Decreasing-term cover is normally used to cover mortgage payments. As your mortgage will reduce as time passes the amount you’ll need to pay it off will reduce. The big attraction of this cover is that it’s very affordable for most people. And with family income benefit your dependents will receive a regular, fixed income for the remainder of the policy term.
How we can help you get the best cover
With income protection, like all insurance policies, you need to make sure that the cover you take is the best fit for you and your circumstances. There can be few things worse than paying premiums regularly and then discovering that you’re not covered should the worst happen.
We’ll help you negotiate the small print to make sure there are no nasty surprises. As we’re independent advisors, our options are unrestricted – we won’t just show you products that make more money for us (and our suppliers). So, you get to see the whole picture, not just the bits which suit your advisors. Get in touch to see how we can help you protect what you hold dear.
If you have any questions please contact the appropriate branch listed below:
Our Glasgow office is located at 151 Glasgow Road, Clydebank, G81 1LG. Telephone: 0141 952 0371.
Our Troon office is located at 19 Ayr Street, Troon, KA10 6EB. Telephone: 01292 314313.
Our Kilmarnock office can be found at 35 Main Street, Stewarton, KA3 5BS. Telephone: 0156048 5333.