Income Protection
One of the most devastating life events is to become ill or disabled and be forced to live on State Benefits through being unable to work.
Ask yourself what will happen if you become too ill to work? Will you be able to keep up the mortgage payments? What State Benefits will you get? How long will your savings last? For how long will your employer pay you?
Good news for employees - many employee benefit schemes include some Permanent Health Insurance as part of their benefits. This is often known as Sickness or Disability Benefit, and if you provide us with a copy of your employee benefit booklet, we will be able to calculate how much cover this offers you.
If you do not have cover through your employer, then you may need to purchase your own. The cost depends upon a number of factors including your age, how safe or dangerous your employment is, your state of health and how long you are willing to wait before any payment commences. Some people opt for policies that pay out after only four weeks, but others, seeking to cover only the most dire of emergencies, are willing to wait two years.
Most people choose a delay, eg of six or twelve months, to accord with resources available and/or employer support for the interim. Where the deferred period is shorter the premiums could be significantly higher.
If cover is required, we will be pleased to provide quotes that suit your needs as part of our overall advisory service.
Corporate Note
You can set up a Permanent Health Insurance scheme for individual employees, or for employees as a group.
This is a relatively low cost benefit but one that provides great peace of mind for both you and your employees. There are few harder things to do than telling a liked employee, that because of their illness, they won't receive any more money.
With a Permanent Health Insurance scheme in place it means that if an employee becomes ill, the scheme will pay you, the employer and you can continue to support the employee.
The Team
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