Do you need Income Protection? | MHA Carpenter Box

Do you need Income Protection?

We are used to insuring our house, our car and even our boiler whilst accepting the fact we may never make a claim. What we often ignore or decide not to insure is the means to pay for all the other things in our lives: our income.

What is Income Protection?

Income Protection is a way of keeping our finances healthy when we are poorly. It pays out if during the policy term, you can’t work and suffer a loss of earnings due to illness or injury.

You decide at the outset how long you would like the cover to run and after how many weeks of illness you wish the benefit to start paying out. The amount of cover available is generally capped to a proportion of gross earnings, typically around 60%.

Read more about Income Protection in our fact sheet.

If you have any questions about Income Protection, please contact our Financial Planning specialists on 01903 534587.