The moving parts of income protection

Do you manage your income protection insurance with a “set and forget” approach?

There are moving parts to consider with income protection on an ongoing basis:

The level of benefit. You can generally insure an amount of up to 75% of your gross income.    Not too many people receive the same income year in and year out.

The waiting period. The waiting period is the length of time from when you stop work before the insurance policy will start paying you an income. Generally, the longer the waiting period the cheaper the insurance policy will be. However, the longer the waiting period, the longer it will be before you start to receive your insurance payments after making a claim, so ensure you have some liquid funds available.   The possible moving parts here are how much sick leave you can take from your job or business, how much you have available to you in savings for a rainy day and how much it costs to manage your changing lifestyle.

How do you manage the moving parts?

We can help you to review your income protection and our ongoing services year after year are available to help our clients to adjust their cover when they let us know there has been a change to their circumstances.  Having access to our ongoing support and advice services allows our clients to be better informed and better protected.