Income Protection - SJS Healthcare

Income Protection

If an injury or illness meant that you were unable to work, could you still meet your financial obligations?

It is natural to assume that we will always remain healthy and never have an accident or illness that could prevent us from working. But if we weren’t so fortunate, consider what provision you currently have in place.

The situation can be bad enough for employees in nine-to-five jobs. They may be entitled to Statutory Sick Pay, but only if the qualifying conditions are met. There is no guarantee that an employee would receive any kind of State assistance. And, even if they did, would it be enough if there were no other provision from their employer?

If you are self-employed and running your own business, your circumstances could be much worse, particularly if your absence from work means that most or all of the income your business generates diminishes.

Fortunately, there is a solution called income protection insurance (also referred to as PHI - Permanent Health Insurance) which could help to address this problem.

Income protection can be taken out if you are employed, or self-employed. It will provide you with a monthly income based on a percentage of your earned income if an illness or injury stops you from working for an extended period of time. Typically, it will continue to pay a benefit amount until you return to work or alternatively reach retirement age.