HELP CENTRE
Income Protection
Preparing for the unexpected
Sometimes in life circumstances determine that we are unable to work for a prolonged period, be it through sickness or accident. Being off work for a prolonged period of time can in itself be devastating and stressful, but there are ways that you can plan and prepare to ensure that you, your family or your partner can manage in the event of loss of income.
Income Protection - Who Needs It?
Income protection pays the equivalent of your regular income should you be off work because of sickness or an accident. It's ideal if you:
- Have dependents and need to ensure that they can still pay the bills in the event that you cannot work
- Own a business and rely on your income to service loan repayments
- Own your own business where income protection can be regarded as a cost of doing business
Some benefits of income protection include:
- An income protection plan allows you to receive up to 75% of your regular earned income if you are unable to work because of sickness or injury
- Income protection can be simple and inexpensive
- Premiums may be tax deductible, depending on your individual circumstances
- If you are self-employed, you can take out an additional type of income protection, business expense insurance, which provides cover for the operating expenses of your business whilst you are unable to work as a result of sickness or accident
Should you be interested in organising Income protection for yourself or your family, Hermes can assist you in choosing the right plan.
For more information, click here.
