Long Term Disability Income Protection

Long term disabilities can change lives and finances. Insurance is available to ease the financial pressures of being unable to work

Long Term Disability Income Protection

Long term disabilities can change lives and finances. Insurance is available to ease the financial pressures of being unable to work

Some illnesses or accidents cause long term disability, from which recovery may seem remote. It is however possible to insure against a loss of income resulting from being unable to work because of the disability.

Long term disability income protection would pay a monthly benefit until you reached the end of a pre-selected term, such as retirement age. The maximum benefit is a proportion of your pre-disability income, usually 50% – 60%.

There are a number of definitions of being unable to work through disability. It could mean you cannot do your original job, which might be due to the job being quite specialised, or it could mean you cannot do any job, in which case you would have to be very poorly. If your disability means you could do a lower paid job to which you are suited through training and education etc., then a ‘suited occupation’ definition could apply. The insurance may pay you a proportionate benefit related to your reduction in earnings. If you found that at some point you could return to work, the benefit would stop, but you would be able to claim later if you suffered a relapse or a new illness.

The monthly cost of disability income protection schemes is based on a number of factors:

  • Your age. Older people tend to have more illnesses and so pay more.
  • Your health. If you have existing health problems you may pay more.
  • Your job. Some jobs are more risky and so likely to contribute to illness, such as very physical occupations and those working at heights so expect to pay more. Surprisingly, Teachers are higher risk due to stress related illnesses.
  • Lifestyle and hobbies. Smokers pay more, as do those with riskier hobbies such as motor bike racing, private flying, mountaineering etc.
  • Waiting (or ‘deferred’) period. The longer you can go without benefits, the lower the premiums.

If you rely on state benefits to support you through long term disability then the illness maybe even more life changing than it needs to be. Disability income protection might at least help you and your family to maintain much of the lifestyle you enjoyed before the illness and should form part of your overall protection planning.

Contact Andy

Contact Andy directly or fill out your details and Andy will contact you as soon as he's available.

You voluntarily choose to provide your personal details via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used by us to contact you regarding your enquiry.

Andy Wilson Financial Services Ltd is registered in England No. 07547809. Registered Office: Landmark House, 1 Riseholme Road, Lincoln, LN1 3SN. Andy Wilson Financial Services is a trading style of Andy Wilson Financial Services Ltd which is an appointed representative of TenetLime Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetLime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Email communications are not secure. For this reason Andy Wilson Financial Services Ltd cannot guarantee the security of the email or its contents or that it remains virus free once sent.

Request a call back

Fill out the form below and Andy will ring you as soon as he can.

X