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What is income payment protection insurance NI
NI income protection insurance is a policy that will protect you against loss of income as a result of an accident or sickness. It will provide a monthly tax free income. The period is typically selected by you when you take out the policy, by selecting the policy term. Typical term options are from 1 year until 65 years. The longer the term, the more expensive will be the policy.
How much does income protection insurance NI cost?
The cost of income protection NI will be determined by a number f factors. The key determining factors are listed below, plus the range of cover required.
The range of cover will also be a key determining factor, income protection NI is available to cover :
Do you need it?
This is a subjective decision that you must decide upon. It provides you peace of mind should you no longer have access to a steady income stream, but it does come at a cost. As mentioned, the costs will be determined by a number of factors. We work in partnership with QuoteZone who have a panel of specialist brokers. To get an idea of the cost, simply select the
If you are an employee, you will have a work related sick payment scheme. The benefit that these schemes offer do vary. Ranging from excellent schemes provided by the NI government to very basic schemes by smaller employers. However, if you are self employed, receiving sick pay is not an option. In these circumstances (self employed or sole trader) income protection looks more attractive. It is possible to set the term for 1 year to reduce the cost. During this period, if you did have an illness whilst self employed that entailed a long recovery, you would have the benefit of a steady income stream during that downtime.
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