Income Protection Insurance offers financial support when you’re unable to work due to illness or injury. It provides regular payments to replace a portion of your income, helping you manage essential expenses such as mortgage or rent, utilities and daily living costs while you recover.
Income Protection pays out a tax free monthly amount if you are off work due to any illness or accident.
In the event that you are unfortunate enough to be off work short or long term, you have the peace of mind you can still cover the mortgage, bills and keep the same quality of life you are used to.
If you become unable to work due to illness or injury, income protection is a vital safeguard against financial strain. Although this is especially important for self-employed individuals or those whose employer-provided sick pay may not be sufficient, it can also be a more cost effective way of covering long term illness for people with good employer sick pay benefits.
As of 2024 Statutory Sick Pay is £116.75 per week so offers limited support when you consider how much most people’s outgoings are. Income protection provides peace of mind that your essential expenses can be covered during challenging times.
Many policies include rehabilitation services and guidance to help you return to work confidently.
Premium payments may be waived during periods when you’re receiving benefits, reducing financial pressure.
At LMA Financial, we specialise in helping you secure the right income protection policy tailored to your needs. Our expert will guide you through the process, ensuring you understand all your options and select coverage that provides the best possible protection for your future.
Contact LMA Financial today to learn more about how Income Protection Insurance can safeguard your financial well-being.
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Southampton
Hants
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Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority. LMA Financial Solutions are not authorised to provide advice on Mortgage products, this will be referred to a third party.