Income protection calculator

Our income protection calculator will help you decide how much of your income you need to protect. It should not be regarded as a substitute for advice from a Financial Broker. The UK still suffers from a savings and protection gap.

Many employees ‘rent’ their current lifestyles, paying for it each month through their earnings. Take that regular salary away and it may not just be their house that they lose, but their entire lifestyle.

You should deduct this from the result unless those plans are to be cancelled. To use the income protection calculator , enter your regular annual salary in the calculator below and you will receive an estimate of the benefit you will be paid in the event of a claim. This new calculator is mobile friendly and only takes a few minutes to complete. Jason was about to buy a house when he was diagnosed with cancer. Having income protection made a huge difference to him and his family.

He contacted us and our claims team were there to help. Jason didnt have to worry about money, and he could focus on getting treatment and making a recovery. FREE retirement income calculator and other fund calculators to help consumers make the best retirement planning decisions.

You can apply for more cover, or change or cancel your cover anytime. The maximum amount of cover you can apply for is $30a month or of your salary, whichever is lower. What is income protection insurance? You can get short-term or long-term policies, depending on your needs.

If you were suddenly unable to work due to injury or illness, would you still be able to pay the bills? If your clients couldn’t work due to illness or injury, could they live on £94. Income Protection is available for ages to 69. This calculator will help you work out their maximum monthly benefit and their stepped benefit options based on their current salary, helping to ensure they won’t have to rely on hand outs or the State.

Use our free online tool to build and compare insurance quotes and then apply online today! If the household’s main earner falls ill and becomes unable to work, their weekly income will drop to £350. In this case, the income protection policy will cover of the main earner’s salary, totaling £355. It could provide you with a tax-free income and could continue to pay out until you are able to return back to work or retire. All income protection insurance premiums are exempt from GST.

As income protection insurance is classified as ‘financial supplies’ by the Australian Taxation Office, they are exempt from GST and all premiums do not include the tax rate applied to other goods and services. There are two main types of income protection policy. The first is called permanent health insurance (PHI) – not to be confused with private health insurance that covers medical costs.

PHI means you can protect a portion of your income – often of your gross salary – in the event of illness or an accident. If you’re too sick or hurt to work, you’ll receive a set amount of money each month, “like a paycheck,” to help pay your bills until you’re able to return to work. You choose your level of cover, and the waiting and payout period. Income protection , or disability insurance, is a back-up plan to help protect your income. You can even select optional extras for a little extra cover where you need it, such as Involuntary Unemployment Cover.

Some income protection is better than no income protection. Who has the best income protection calculator ? For ages, there were only two providers of income protection in Ireland: Friends First and Irish Life. Then came New Irelan soon followed by Aviva.

We’ll pay a monthly benefit into your bank account or credit card so you’re able to stay on top of bills and maintain your lifestyle while focusing on your recovery.