Income Protection

Considering the Statutory Sick Pay is often not sufficient to provide financial support to people unable to work (including all COVID-related sickness), falling sick could significantly affect your finances and mental state. Income Protection insurance provides peace of mind that you are covered in such scenarios, especially when the bills keep coming in.

What is Income Protection?

Income Protection Insurance covers you if you can’t work because of illness. While policy specifications vary from one insurance provider to another, below are some key points:

• Income protection replaces part of your income when you are sick and unable to work
• It covers you until you return to work or until you reach the maximum benefit payable under your policy
• It covers most illnesses that leave you unable to work, however, it may exclude certain ones that you have had before

How much does Income Protection insurance cost?

Your premiums will highly depend on the chosen provider. However, they are normally determined by factors, such as:

• Job
• Age
• Health
• Length of cover
• Benefit amount payable

Do you need an income protection insurance plan?

This depends on your situation. It’s a good idea to work out what your monthly outgoings are and think about how you would cover them if you became sick and lost your income. If you couldn’t afford to pay your bills, it might be worth your while considering an income protection insurance policy.

It’s particularly important if you’re someone who has a family to support, or financial commitments that must be met.

However, you may decide you don’t need it. For example, you may not need it if:

• You have an employee benefits package, which continues to pay your income whilst you are off sick
• Government benefits would cover all your financial commitments
• Your family could support you

How do you find the best income protection insurance?

The best type of income protection insurance , is the one that best suits your needs. The ideal policy for you will cover you for what you want, for the length of time you want, and offer the cheapest weekly/monthly premiums. So, this depends on your personal circumstances and will be different for everybody.

TFS Sickness Benefit Plan

TFS offers a straightforward Sickness Benefit Plan that pays out a tax-free weekly benefit of up to £175 if you are off work sick for over a week.

You can choose the level of cover you would like – you simply choose the amount of weekly benefit (£70, £105, £140 or £175) and the length of cover (5-week, 12-week or 25-week cover). Weekly premiums start from as little as £1.55 for our 5-week cover.

To find out more about the TFS Sickness Plan, please click here.

Additional Free Membership Benefits

With a Sickness Benefit Plan, you will have the added bonus of receiving discretionary benefits for free after 1 year’s membership, making you eligible to claim money back on your Dental, Optical and Osteopathy expenses.

No Claim Bonus

What is more, you will receive money back for each year that you don’t make a claim, provided you have had the policy for at least 5 years.

To visit our Sickness Plan Frequently Asked Questions, please click here.