A biking accident, a rear-end collision—a lot of unpleasant things can keep you out of work. If you’re ill or injured and unable to work, income protection insurance provides you with a benefit that can help ease your financial concerns during a challenging time.
Cover
Income protection insurance replaces 60% of your income. Benefits begin after a 90-day waiting period.
As long as you remain disabled, you will receive benefit payments until you reach age 65, retire or die, whichever comes first.
Eligibility
You’re eligible for the scheme on your date of hire if you’re between ages 16 and 64 (or haven’t reached your state pension age). You will no longer be covered by this benefit when you leave employment, reach state pension age, or are no longer a U.K. resident.
Cost
This benefit is 100% company paid. Payments to you are subject to tax and national insurance.
