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Income Protecion
Income Protection is like sick pay - it pays a monthy amount if you are unable to work. It is important to read the small print, as some pay out if you are too ill to work, but others only pay out if you can’t live a normal life.
“I’m a self employed plumber, and can’t afford to be off sick for long.”
Wright and Pryce recommended:
- Income protection that would pay £1000 per month after 4 weeks off sick.
Cost: £21.75 per month
Based on 30 year old male plumber at standard rates. Quoted on 8/2/10.
If you are self employed and have been off work for 14 weeks, it is likely you can claim no more than £89.80 per week in benefits. (Source www.direct.gov.uk)
Some policies pay out if you are too ill to do your job. Others only if you are too ill to do any job you are qualified for. Ask your adviser to read the small print for you.
