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Call us for further information on:
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0116 240 4402
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or alternatively email us at:
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ifa@greyfriars.co.uk
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All of our financial plans are based on the assumption that, until we retire, we will be able to go to work and earn a salary.
Research has shown that very few employees know for how long their employer would pay them if they are off work for a prolonged period of time due to accident or illness and, when they do find out, it comes as a bit of a shock. Do you know?
All too soon you may find yourself trying to survive on statutory sick pay, the stress of which is hardly going to help your recuperation.
Income Protection policies are designed to pay you a tax free income of approximately 50% of your pre-disability earnings after you have been off work continuously for a pre-determined period of time (the deferred period).
You can time the benefit to come into payment to coincide with the loss of earned income from your employer.
The self employed are even more exposed and yet this remains one of the most under appreciated products in the protection armoury.
Below are costings for a tax free income of £15,000 p.a. for a non-smoking male:
Male Non-Smoker
Income Protection
| OWNER |
AGE |
MONTHLY BENEFIT |
DEFERRED PERIOD |
TO AGE |
LIFE ASSURANCE
PROTECTION COVER ONLY
(cost per month) |
| Single Life |
20 |
£1,250 |
26 weeks |
60 |
£12.55 |
| Single Life |
30 |
£1,250 |
26 weeks |
60 |
£16.09 |
| Single Life |
40 |
£1,250 |
26 weeks |
60 |
£22.63 |
| Single Life |
50 |
£1,250 |
26 weeks |
60 |
£28.85 |
Single Life – monthly benefit payable after the selected deferred period in event of you being off work due to accident or sickness. Monthly benefit will be paid until either you return to work, or until the end of the term.
Policy will cease after age 60.
Insured benefit, benefit in payment and premium increase annually by RPI.
Figures produced from comparisons dated 29.1.07.
The above figures assume acceptance of risk at ordinary rates.
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