Income protection is insurance that pays you a regular, tax-free income if you can’t work due to illness or injury. Unlike a lump sum, it’s a steady stream - think of it as a paycheck replacement until you’re back on your feet or hit a set term, like retirement.
Why Consider It?
If you rely on your salary, a long-term health setback could derail everything. This cover keeps the bills paid and stress low, giving you time to heal without financial panic.
How Does It Work?
- Choose It: Add it via Spirit Cover - full term or “day 1” options available.
- Trigger: A UK doctor verifies you can’t work (your job or a similar role, per terms).
- Payments: Get a portion of your income (e.g., 50-70%) - starts after a waiting period or day one if backdated.
Spirit’s Edge
Spirit includes trusts (free) to potentially keep payouts tax-efficient, plus benefits like Physio Support - all standard. Direct insurers often skip these extras.
Who’s It For?
- Self-employed with no sick pay.
- Parents supporting a family.
- Anyone without months of savings.
Curious?
Income protection could be your lifeline. Chat with Spirit - we’ll tailor it to you.