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One may insure your income so that you receive a tax free income benefit during periods when you are off work due to sickness and/or injury. Many people insure against their death but do not seem to appreciate that there is much more likelihood that they will suffer an illness or accident, which will stop them working long term. At stake is your income during your working life, which most people will be dependent upon to achieve their financial objectives. If you own a mortgaged property and do not have this insurance you could lose your home.
State Incapacity Benefit is currently £70.95 per week – for someone earning £25,000 per annum this would represent an 85% reduction in income. ‘Every day in Britain on average 2,900 people will start to claim State Incapacity Benefit.’
In Britain today 1,800,000 people are already disabled and have been unable to work for 12 months or more.
This type of cover will not protect you in the event of redundancy –the Unemployment Cover section of our website will allow you to obtain a quotation to protect against the loss in income caused by redundancy.
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