Preparing for life’s unexpected events and avoiding financial instability is essential. Participating in sports activities has a higher risk of injury than usual daily activities such as walking.
Appropriate insurance coverage can be crucial in an accident, disability, or even a fatal incident while playing sports.
Income Protection Insurance can be invaluable in these scenarios, providing a regular payment equivalent to a percentage of your income if you cannot work due to illness or injury, regardless of the cause.
Remember, having the right insurance coverage can give you peace of mind and financial security, allowing you to enjoy sports while minimizing the potential impact of unforeseen accidents or injuries.
Imagine this: You’re on a peaceful bike ride through the local forest, enjoying the serenity of nature. But suddenly, the unthinkable happens—a mishap occurs, and you find yourself injured. The arm that once held the handlebars now rests in a cast, leaving you unable to perform your regular work duties. The thought of rushing back to work before fully recovering looms over you like a dark cloud.
But with an income protection insurance policy, you won’t have to compromise your recovery for financial reasons. You’ll be free to fully recover and return to your usual activities when ready rather than rushing back before you’re fully healed.
Our expert advisors will guide you through all of the available income and insurance options, ensuring you clearly understand what is covered and the benefits you can expect.
It’s important to note that income protection insurance requires monthly premiums to ensure you maintain coverage. Our advisors will explain the premium structure and help you choose the most suitable option. It is essential to inform your advisor during your appointment if you participate in extreme or dangerous sports so that they can recommend appropriate policies and create a comprehensive protection plan, which you can be combined with other policies such as critical illness and life insurance.
What is income protection insurance?
If you experience an accident, injury, or illness that prevents you from working, Income Protection Insurance can help you financially. This kind of insurance can even cover injuries and illnesses related to sports, so you can be protected in case you are unable to work. Nevertheless, you should keep in mind that the specifics of the coverage may vary depending on the policy and the insurance company.
Why do I need income protection insurance?
First of all It’s important to assess your individual circumstances, taking into account factors such as your income, financial commitments, and personal situation. If you were to experience an accident, injury, or illness that prevents you from working, your income would be at risk. Income Protection Insurance ensures that you have a safety net in place, providing a regular replacement income to cover your essential expenses and maintain your standard of living. it can offer financial, support you during recovery and peace of mind.
How much does it cost?
The cost of any insurance varies on individual factors, such as age and occupation. But generally, the younger and healthier you are, the cheaper it is.
How to choose the right policy for you?
Assess your needs carefully: Why do you need the policy? What do you need it to do? And The costs involved.
You can speak to an advisor who will carefully review all insurance policies for you to ensure they’re appropriate to what you need.
How does Income Protection work?
Coverage: You choose the level of coverage you need, usually based on a percentage of your pre-tax income. This can range from 50% to 70% of your gross income.
Waiting Period: You select a waiting period, also known as the deferred period, which is the period of time you must wait before the policy starts paying out.
Benefit Period: You choose the length of time you want the policy to pay out if you’re unable to work. Benefit periods can vary from a few years to until your planned retirement age, depending on your policy’s terms.
Premiums: You pay regular premiums to maintain the policy, typically on a monthly basis. The cost of premiums can vary depending on factors such as your age, health, occupation, and the level of coverage you choose.
Claim and Payout: If you become incapacitated and unable to work due to an accident, injury, or illness covered by the policy, you can make a claim. Once your waiting period has passed, the policy will start paying out a regular income replacement, usually on a monthly basis, until you recover or reach the end of the benefit period.