What is monthly benefit for income protection insurance?

When looking for income protection quotes what does ‘monthly benefit’ actually mean, is this the amount the plan will payout?

Question asked by Albert Ribolzi
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Answered by Tom Conner

Income Protection monthly benefit explained

With income protection cover you will need to select a monthly benefit for the plan to insure. This is the amount that the plan would payout should you have to take time off work. With a personal income insurance plan (rather than a company provided plan) the monthly benefit is usually paid out free from income tax.

How much can you cover?

It is normally possible to cover between 50 and 65 per cent of your gross (pre-tax) earnings, depending on the insurer. However, it usually makes sense to insure an amount that would cover your essential monthly outgoings rather than simply insuring the maximum allowable.

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Drewberry advisers can help you find the most suitable cover for your personal circumstances. Give us a call on 01273 646 484 or email us on help@drewberry.co.uk

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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