• Income Protection Insurance (IPI) is used to provide the person insured with a substitute for earnings, should they be unable to work due to health or disability issues. If you are highly dependent on a monthly income, this could be vital.
    IPI ‘protects’ the life assured by providing a tax-free replacement income when their salary is stopped. This gives good security and peace of mind to those who are worried about “what if’s”.

Income Protection Insurance (IPI)

Income Protection Insurance can prove to be very valuable when you consider the difference between state benefits like Statutory Sick Pay (SSP) or incapacity benefits and a person’s normal/average income. Most people would probably be unable to maintain (or even get close to) their current standard of living were they to only receive the amount specified by the Government for such benefits.

Unfortunately IPI is not available for the self-employed, as it would be near impossible to work out what the benefits payable should be since earnings would differ each month.

It should also be noted that IPI policies only last until retirement and only provide a percentage of someone’s salary (max. usually 70%). Lastly, they cannot provide income should the life assured become unemployed, contract a terminal illness or die, as working out 70% of a guessed amount would be near impossible.

MAP can search the whole of the market to find the best IPI policy to match your needs, and at the lowest cost. We also review existing plans to ensure they are still worthwhile.

Once a policy is in place, MAP will review it regularly thereafter to ensure you still have the best plan for your needs. So if you think this would benefit you, contact MAP today.

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