Permanent Health Insurance

This is a very important insurance.

Short of dying, one of the most devastating things that can happen to most people during their normal working life is to become ill or disabled and 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?
• For how long will your employer pay you?

Good news for employees – many employee benefit schemes include some income protection as part of their benefits. This is often known as sickness or disability benefit, and if you provide us with a copy of your employee benefit 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 before any payment commences. Some people opt for policies that pay out after only four weeks, but others, seeking to cover only the most dire of emergencies, are willing to wait two years.

Most people choose a delay, e.g. of six or twelve months, to accord with resources available and/or employer support for the interim.

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

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

Corporate Note

You can set up an income protection scheme for individual employees, or for employees as a group.

This is a relatively low cost benefit but one that provides great peace of mind for both you and your employees. There are few harder things that face a manager than telling a liked and respected employee, friend even, that because of their illness they won’t get any more money. It is also very painful for the employee, who is in this position by chance, and is about to lose their income as well as their health.

With an Income Protection scheme in place it means that if someone becomes ill you can say relax, the scheme will pay you. A much more humane and less stressful outcome for both company and employee.