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Income Protection Insurance

Tax-efficient insurance to cover your costs when you can’t work

Don’t let illness or injury impact your income. Ensure you receive a regular wage until you’re back on your feet.

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Sick pay for the self-employed.

In your world, not working means you’re not earning. Illness or injuries that prevent you from doing your job are, therefore, unthinkable. That is, of course, unless you have Income Protection Insurance.

Continue to pay your bills even if you’re unable to earn.

By providing you with a regular wage, normally somewhere between 50-70% of your normal income, Income Protection Insurance takes the worry out of not being able to work.

Even better, if you’re a limited company, you can transfer the cost of the premiums to your business expenses, making them tax deductible.

We can guide you through the different Income Protection policies available to make sure your income is covered based on your current circumstances and unique needs.

All statements concerning the tax treatment of products and their benefits are based on our understanding of current tax law and HM Revenue and Customs’ practice. Levels and bases of tax relief are subject to change.

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Is income protection really that important?

We think so. Unlike Critical Illness Insurance, Income Protection cover exists to keep you going while you’re ill or injured and help get you back to work faster. Not only does it provide peace of mind that you can still pay your bills each month, but it could also help you cover the cost of treatment or rehabilitation.

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For more information please download our guide to Income Protection.

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Need a safety net for when you’re sick?

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FAQs

What is Income Protection Insurance?

Income Protection is an insurance policy that pays you a regular wage if you’re unable to work due to illness or injury. It will continue to pay you a salary until you’re ready to return to work, retire or if you pass away (dependent on the level of benefit taken).

What do I do if I change my name?

You should notify your insurer’s customer services team or your broker so that your details remain up to date. For Broadbench clients, you can update this information on our client portal.

I've moved house, how do I update my address details for my Income Protection?

You should notify your insurer’s customer services team or your broker so that your details remain up to date. For Broadbench clients, you can update this information on our client portal.

What should I do if my bank details change for my Income Protection?

You should notify your insurer’s customer services team or your broker so that your policy doesn’t lapse. For Broadbench clients, you can update this information on our client portal. Your new Direct Debit will be active within 14 days.

Why do I need Income Protection Insurance?

People in permanent jobs have the benefit of receiving sick pay. Those earning a day don’t have this luxury which is why it’s so important to have Income Protection. It gives you the peace of mind that if you become ill, you’ll be paid a regular wage so you can look after the bills until you’re well enough to return to work.

Can I get Income Protection Insurance if I am self-employed?

Yes, although it’s structured to be paid for personally rather than via a Limited Company.

Who do I notify in the event that a policyholder passes away?

You should notify the claims department of your insurer, you will find this contact info on the policy documents or their website.

How can I set up Income Protection?

If you’re looking to set up your Income Protection, our advisers can help you find the right policy for you and your family. Get in touch and protect your income!

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