Income Protection

What is Income Protection?

An Income Protection Plan (also known as Permanent Health Insurance) is a life insurance policy which pays out a regular tax-free income in the event that you are unable to work and earn due to ill health.

Do I need Income Protection?

If you no longer had an income due to ill-health and were unable to maintain your current expenditure and lifestyle commitments, then the answer is potentially yes.

I have sick pay at work, do I still need cover?

That depends. Some companies offer its employees a period of full pay and sometimes a period of reduced pay thereafter. For example, 3 months full pay and 3 months half pay. We ask clients to check their company’s policy for the exact details. Should you be off sick from work after this time your company sick pay will cease. You may be eligible for early retirement if your illness is such that it warrants it and this is at the discretion of your Pension Trustees. If your lifestyle would be affected after work stopped paying you then we would recommend a policy which paid out a replacement income as your work benefits ether reduced or stopped.

How would your lifestyle be affected in the event of you suffering with a long-term illness which meant not being able to work?

I have an existing Income Protection Plan, do I still need cover?

We would look at your exiting provision to confirm its suitability for your current needs and make recommendations accordingly.

I’m healthy and never been off sick from work. Why setup an Income Protection Plan now?

We recommend Income Protection for individuals where a need has been identified. We understand that when you’re fit and healthy the last thing you might imagine is being off sick long term and not being able to earn an income. The reality is that nobody plans to be ill. You need to setup an Income Protection before you’re ill. To put it another way, you wouldn’t expect to buy a new car insurance policy after a car crash, and expect them to accept a claim.

How much cover should I have and for how long?

Income Protection typically provides a replacement monthly income up to a maximum percentage of your earned income. It will potentially payout until you either return to work or until a specified retirement age. Contact us to help quantify your exact requirements based on your lifestyle and existing provision.

I’m self-employed, can I arrange cover?

Yes. Income Protection can be setup for both employed and self-employed individuals.

Which bills would not be paid if your income reduced or stopped?

How much does it cost?

The cost of Income Protection is typically cheaper when one is younger and in good health. Premiums are also influenced by the type of work you do and your lifestyle. For example, an office worker who goes jogging at the weekend is likely to have a lower premium than a bomb disposal expert who loves sky-diving at the weekend. Contact us today for a more accurate discussion around cost.

How much do you charge for providing Income Protection?

We do not usually charge a fee for advice and arranging an insurance product. We will receive a commission from the insurer, and this is reflected in the premium amount you pay them. All commissions would be disclosed to you before agreeing to proceed.

Can I get this type of cover online? Use a comparison website?

Have a look, then contact us with your quotation to see how competitive we are.

Plato Financial Services only recommend the UK’s leading Life Insurance providers based on comprehensive definitions of cover, great customer service, a strong track history for claims payouts and competitive premiums.

Buying online without proper advice runs the risk of setting up the wrong policy and / or not setting it up in the correct manner. This could mean that any payouts are subject to tax and / or not paid out in a timely manner.

Does your existing Income Protection provision meet your current objectives?


Protection plans with no investment link will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained then cover will lapse. Tax planning is not regulated by the Financial Conduct Authority. Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.

How can Plato help?

We are insurance intermediaries offering products from a range of insurers based on a fair and personal analysis of the market for Life Assurance, Critical Illness Cover and Income Protection Insurance.

We’ll discuss and help identify your protection needs and recommend solutions for any shortfalls you may have.

We understand the delicate nature of discussing death and ill-heath and will do so in a considerate manner.

We have over 20 years’ experience in helping people create financial security and have peace of mind for life’s less fortunate events.

We’ll help ensure that your policy is written in the correct manner to ensure you have the right amount of replacement income when you need it.

A word from our clients...

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