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.
Talk to an expert
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 firstname.lastname@example.org
Frequently Asked Income Protection Insurance Questions
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