If you are ill or injured and cannot work, income protection insurance or IPI can pay a percentage of your lost earnings.
Worry and stress affects our health, so removing at least part of your financial worries can help you focus on recovering and get better sooner.
Our income protection policies partners are leading insurers:
We also have access to other providers if necessary, and for international clients we usually recommend Unisure.
Do I Need It?
If you become injured or ill, could you continue to cover all your monthly living expenses and financial commitments on just sick pay, state benefits or savings until you are recovered enough to return to work? If not, you need Personal Income Protection.
PIP can help you continue to pay your essential outgoings such as rent/mortgage, utilities, food etc, regardless of any sick pay your employer may provide. If your illness means you will be unable to do your job any longer, it can help maintain your income until you find alternate employment doing something you can manage. It will pay you until you find a different job if you are not able to do your old one. It will make sure your savings stay untouched.
Policies vary and can include sickness and accident protection only, unemployment protection or a fully comprehensive policy which covers both. Without PIP you may find yourself unable to work, and unable to meet your needs. Your home might be at risk, and you will certainly face financial worries just when you need to be focussing on your health and wellbeing.
PIP will not just maintain your financial outgoings, it will give you peace of mind to focus on getting better
What Is Covered
A monthly payment paid to you if you are unable to work (usually capped at a fixed percentage of your usual pay)
Payment for a certain period of time, after which payments will cease
Payment even you receive sick pay or Statutory Sick Pay
Some policies include rehabilitation support services
Some policies provide for an additional ‘back to work’ payment
Some also include a ‘waiver of premium’ where your premiums are paid for a certain length of time after you return to work
What Is Not Covered
Most policies will not cover you for being made unemployed or redundant, only for illness or injury
Any exclusions, for example mental illness or musculoskeletal problems such as back problems
From individual life policies to specialist business cover, we have products to suit your every need.
Libra Insurance Brokers are independent brokers, based in London, UK. Professionally trained to recommend the most suitable products for both Corporate and Individual clients. Authorised and regulated by the Financial Conduct Authority, Libra Financial Management (UK) Ltd, trading as Libra Insurance Brokers, is entered on the Financial Services Register https://register.fca.org.uk/ under FCA firm reference 513236.