Income protection pays out a percentage of your net income in the event you’re unable to work due to accident or sickness.
The amount paid out (your benefit amount) can vary between providers but it’ll typically be between 50 - 70% of your usual income.
How much cover you need will depend on what essential monthly outgoings you have.
Commonly this includes:
- Rental or mortgage costs
- Bills and utilities
- Childcare costs
- Weekly food shop
- Loan or credit card payments
- Transportation costs
Whatever your typical income would cover can be covered by income protection payments.
Because everyone has different needs and circumstances, working out your level of cover isn’t a ‘one size fits all’ scenario and no two quotes will be the same.
By using our income protection insurance calculator below you can input your monthly expenses to find the amount of cover you require:
Alternatively, the team at Reassured Advice can help you to determine the best income protection solution to meet your needs.
Simply get in touch for your free income protection quotes.