Who will pay your wages if you are off sick?
If you are self employed, the answer is NOBODY, unless you arrange your own Income Protection Policy.
Even if employed, you are unlikely to be covered by your employer for more than 6-12 months. Thereafter you will get statutory sick pay of around £60.00 per week. Can you survive on £60.00 per week?
An Income Protection Policy can provide a replacement income for you from day one if required. Alternatively the cover can commence after a deferred period.
This can protect you right through to retirement, and be indexed linked to ensure your income increases each year. The income increases each year. The income from these personal income protection polices are tax free.
You can also arrange separate cover to protect your mortgage repayments.
For more information on income protection, please see this article.
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