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Protection

Income Protection Plan

Income Protection Plan

Many people understand the importance of generating an income but equally so many people seem unaware of the importance of protecting the income that they have created. It is one thing to protect your physical assets; home, car etc, but the most important asset your should protect is your income.

An Income Protection Plan is a tax free monthly income payable if you are off sick from work for an extended period of time. The benefit is set as a % of your earned income and is payable after a waiting (deferred) period until you are able to return to work. You can use the income how you wish but you could use it to cover your regular monthly expenditure including paying your mortgage. You can set the term to either match the term of your mortgage or until your normal retirement date.

Payment Protection Insurance and Short-Term Income Protection is optional. There are other providers of Payment Protection Insurance and Short-Term Protection and other products designed to protection you against loss of income.

For impartial information about insurance, please visit www.moneyadviceservice.org.uk