Income Protection Insurance
Income protection insurance is designed to replace part of your lost earnings if you are unable to work because of illness or disability.
Depending on how much cover you chose to buy, income protection insurance provides a tax-free monthly payment of between 50 and 60% of your usual earnings. The monthly payment normally continues until you go back to work or you reach retirement age, or the end of the policy term.
Income protection insurance is generally considered to be a must-have for the self-employed who would not have enough to live on if unable to work because of ill health or accident. If you are an employee, whether you need this sort of insurance depends on what your employer would provide in the way of sick pay and/or retirement benefits if you were too ill to carry on working.
Lang Financial is a trading style of Lang Financial Scotland Ltd which is authorised and regulated by the Financial Conduct Authority.
Company No. SC208335.