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New Shepherds Friendly Income Protection plan explained

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After months of extensive research and hard work, we are happy to announce the launch of our brilliant new Income Protection plan.  Full of exciting new features, the plan has been designed to mould and adapt to a variety of different needs and lifestyles, and so far we have had an abundance of positive feedback from advisers and members.

Below, we have looked at the importance of Income Protection and how the new Shepherds Friendly Society Income Protection plan has been improved to help meet your needs.

What is Income Protection?

We are all aware of the importance of insuring our cars, homes and holidays, but many people are not aware that they can pay an amount of money each month to cover what is most vital to their financial wellbeing- their income.

Why is it important?

How long do you think you could last unaided without your monthly income?

This is not a question that many people like thinking about, but sometimes we have to take precautions to ensure our financial future is secure.

Only 7%* of people in the UK currently have an Income Protection plan, yet 36%* of people have had to take a month or longer off work due to sickness or injury, and a massive 58%* of people only receive three months or less sick pay from their employer. If the worst happens and you become sick or have an accident and have to stay off work, do you think you have enough savings to pay your bills? This is where Income Protection comes in.

Shepherds Friendly new Income Protection plan

Our new Income Protection plan provides a range of new features, which have been created to offer even more to help people’s changing needs and cater for different lifestyles. We have also simplified our online application process so it is now quick and easy to apply for plans on our recently unveiled new look website.

Our brilliant new features include:

Available from age 16, the benefit can be paid right up to 68

The average age of retirement has increased so we have extended the plan cover to go up to the age of 68. We have also added the extra security making sure there will be no increases in monthly premiums for plan holders between the ages of 16 and 30, and then between the ages of 52 and 68.

Protect up to 70% of your income

You can choose to cover up to 70% of your regular gross income or 70% of your net profit if you are self employed. This will be paid to you monthly, without tax.

Guaranteed Insurability Option

The new guaranteed insurability option means that you will be able to review your benefit amount should a certain “life event” change your circumstances, such as marriage, birth of a child or divorce. You won’t have to fill out another application form, and you can reduce your benefit or increase it up to 70%.

Extras

As well as the brilliant new changes we have introduced, the plan offers additional benefits and extras. These include:

  • Career breaks- you can put your plan on hold from three to 24 months. This is a great benefit for people who want to further their education, have a career change or go travelling
  • Every person who takes out an Income Protection plan with us here at Shepherds Friendly Society will be offered a helpful Mutual Benefits pack when they have been with us for twelve months, which includes; a free Will kit, independent care advice helpline, a household law helpline and more.

Do I actually need Income Protection?

By simply paying an agreed amount of money per month you can ensure you and your family are looked after financially in the event of an illness or injury preventing you from working. Contrary to popular belief, almost 99% of all Income Protection claims pay out when a claim is made*.

If you are still unsure about Income Protection, or would like further information about applying for a Income Protection plan, please give us a call on 0800 526 248 and speak to one of our friendly customer service team, or fill out an application online.

 

*http://www.drewberryinsurance.co.uk/press-release/protection-insurance-survey-2015*

 

Please note: All information within our news stories is correct at the time of publication, and we make every effort to keep content accurate. However sometimes information may be out of date. You should not rely on this information when making financial decisions as no financial advice has been given.