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Fortify - My Income

Income protection that does what it says

If you want to cover your salary so you don’t fall behind with your outgoings, it could be the product you need. In the event that you're unable to work Income Protection cover can provide you with a tax-free monthly sum of up to 70% of your gross salary.

Think about what would happen if you suddenly lost your income but had to meet commitments for you and your family. Knowing that you have protection at a stressful time in your life can give you peace of mind and help ease the pressure of not having a regular income. It could be the most important insurance you buy.

Why would I need Income Protection?

Your employer’s sick pay policy may only pay out for up to a year if you’re off work due to illness. If you received state benefits, it’s unlikely these will be in line with your income, so you’re faced with a shortfall. There are many reasons why you should consider protecting your income:

If you have a mortgage, or pay rent, then you’ll want to keep the roof over your head.

Protecting your income will help you meet your commitments if you’re not able to work.

If you have loved ones - a partner, or children then it’s likely your income is working hard to support you and them.

Having a back-up with Income Protection will give you reassurance they’ll be safe if the worst happens.

If you’re self-employed, and you’re unable to work, you’ll only be entitled to state benefits.

Income Protection can give you the financial support you need to cover your commitments and stay afloat.

According to the Association of British Insurers (ABI), the average individual income protection policy payout in 2014 lasted 204 weeks (nearly 4 years) and was worth £39,200. In 2014 92.9% of claims were paid out.*

* Source: Association of British Insurers media release, 17 August, 2015, 'Protection insurers help more families than ever before with 350 payouts every day'

When would income protection not be the right product for me?

We want to make sure you’re making an informed decision. Unexpected events can crop up, and whilst income protection will be there for you, consider that:

  • Your employer’s sick pay could offer you the cover you need for 12months or more
  • State benefits could support you financially so you can maintain your lifestyle
  • A family member/partner could support you
  • Your savings could cover your commitments you whilst you’re off work

What types of income protection are available?

There are different types of income protection policies available. It’s essential you understand the difference before you buy, so you have the right cover for your needs. Essentially, when considering Income Protection, you have a choice between:

Short-term Income Protection 

Short term cover will typically pay out for a period up to 12 months. Often referred to as Accident, Sickness and Unemployment (or ASU for short), you can cover yourself for some of all of these events.  They will fund your lifestyle in the event that you lose your income. As the cover is for a shorter term, the cost of cover is typically cheaper than Long Term Income Protection.

Long-term Income Protection 

If you’re off work for longer than a year, long term income protection will usually provide a regular income if you’re not able to work due to illness, or disability. The cover will pay until you can return to work, or until the end of the policy term. Long-term protection doesn’t typically cover being made unemployed or redundant, and it can be more expensive that short term cover. With long term Income Protection, you can choose the length of the benefit. Most long term policies will have a benefit term that lasts until retirement age. So for example, if you became ill at 45, your policy would pay until you returned to work or you reached retirement at 65. This long term peace of mind can be a sensible investment. 

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