Income Protection

Provide money for you if you are unable to work due to illness etc.

This is a very important insurance - short of dying, the most devastating thing that can happen to most people during their working life is to become ill or disabled and be forced to live on State Benefits. Sorry if that sounds like it is being overly dramatic, but it is the truth.

Ask yourself what will happen if you become too ill to work? Will you be able to keep up the mortgage payments? What State Benefits will you get? How long will your savings last? How long will your employer pay you for?

Good news for employees - many employee benefit schemes include some Permanent Health Insurance as part of their benefits. This is often known as Sickness or Disability Pension, and if you provide us with a copy of your scheme booklet, we will be able to calculate how much cover this offers you.

If you do not have cover through your employer then you may need to purchase your own.

The cost depends upon a number of factors including your age, how safe or dangerous your employment is, your state of health and how long you are willing to wait once unable to work before any payment commences. Some people opt for policies that pay out after only four weeks of being unable to work, but others, seeking to cover only the most dire of emergencies, are willing to wait two years.

Most people choose a delay of either three, six or twelve months, having sufficient resources and / or employer support for the interim.

Where the deferred period is shorter the premiums could be significantly higher.

If cover is required Gerard Associates will be pleased to provide quotes that suit your needs as part of our overall advisory service