INCOME PROTECTION

How would you pay your mortgage and bills if you were unable to work?
Many of us happily insure our mobile, jewellery or pet, yet often neglect to protect the income stream that pays the mortgage and funds our lifestyle…
With the active lifestyles we lead today, accident or illness could affect us at any time… That’s why it’s important to have adequate protection in place to cover the mortgage and day-to-day living expenses, should a main wage earner be unable to work due to illness, injury or of course in the worst case scenario, death.

Who is it for?
An Income Protection policy is designed for individuals or families who want a regular monthly income to maintain their lifestyle if they are suddenly unable to work due to illness, injury or involuntary redundancy.  This income could be used to repay a mortgage, loan and cover your living expenses during your time off work.

Get Protected Through Harris Begley!
There are a multitude of protection plans available to cover varying circumstances and Harris Begley can advise you of the best solution to suit your requirements, as the options can be quite complex and it’s not just about which is the cheapest…

In general, there are 3 key areas to protect your lifestyle:

– Protection to deliver a regular income should you fall ill or suffer an injury meaning that you may be off work for a considerable period of time.  An Income Protection policy is the main option on offer here.
– Protection to pay out a lump sum should you suffer a serious illness such as a heart attack, cancer or a stroke. A Critical Illness policy is often ‘added on’ to a life assurance policy as an additional benefit, but can also be taken out as standalone cover.
– Protection should you die.  This is on offer through various forms of Life Assurance, or schemes such as Family Income Benefit.
In all cases you need to be aware that certain restrictions, terms, conditions and exclusions may apply and you must be honest when filling out the forms.

CASE STUDY – Paula’s Ski Holiday Catastrophe
In February 2013, Paula, a physiotherapist from Perranporth, Cornwall went on a ski holiday with friends to the Swiss Alps. She already had travel insurance, but unfortunately was unaware that it was necessary to upgrade to cover winter sports. After only a few days on holiday she suffered a severe complex fracture of her right leg and ankle, which resulted in hospitalisation in Geneva and major surgery with plates and pins. Regrettably, her travel insurance was not valid to cover her return flight, but fortunately Paula had taken out an Income Protection with ‘fracture cover’ policy through Harris Begley, which paid a tax free lump sum of £1200, plus £1,000 a month for the next 6 months whilst Paula was unable to work, her Income Protection policy proved invaluable!
In Paula’s own words ‘I’m so grateful to have had the Income Protection policy in place – without it I really wouldn’t have been able to pay my mortgage and household bills.’

For a free, no obligation initial consultation to discuss your income protection plan, please contact Harris Begley on Tel 01736 366550 or email enquiries@harrisbegley.co.uk

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk