Looking to safeguard your income against unexpected challenges? Contact us to discuss the correct solution for you.
Income Protection
Income protection insurance ensures that you receive a tax-free income if you're unable to work due to illness or injury, providing you with peace of mind during challenging times.
Understanding Income Protection Insurance
Income protection insurance acts as a safety net, offering a percentage of your earnings as a tax-free income if you're unable to work due to ill health or an accident. This coverage typically provides between 50 – 60% of your usual income, with premiums determined by the level of benefit chosen upfront. Payments cease once you return to work, offering long-term financial support akin to 'long term sick pay.
Key Considerations
It's essential to consider income protection insurance if being unable to work would compromise your ability to meet financial obligations. While most policies cover up to 60% of your earnings, the goal is to ensure financial stability during periods of incapacity without creating a financial incentive to remain off work indefinitely. The age at which income protection insurance ceases varies depending on factors such as risk assessment and occupation, ranging from 55 to 70 years of age, with certain professions having specific considerations, such as professional sportspeople who may have coverage until as low as 35 years of age.
Exploring Coverage Options
At Pivot Mortgages, we understand that everyone's financial needs are unique. We work closely with insurers across the UK to find the best income protection policy tailored to your circumstances. Income protection insurance ensures that your earnings are maintained, allowing you to meet your monthly outgoings and living expenses even during periods of illness or injury.
How Pivot Mortgages Can Assist
Our experienced advisors at Pivot Mortgages are dedicated to helping you navigate the complexities of income protection insurance. We'll assess your unique needs, explore coverage options, and guide you through the process of securing the right policy for you. With our expert guidance and personalised approach, you can rest assured that your financial security is in capable hands.
Secure Your Financial Future
Don't leave your financial well-being to chance. Contact Pivot Mortgages today to explore our Income Protection Insurance options and take proactive steps towards safeguarding your income and livelihood. With our comprehensive coverage and commitment to client satisfaction, we're here to support you every step of the way.
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