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Income protection is a form of insurance which can provide a regular income if you are unable to work as the result of a long-term illness or injury. Income protection typically enables policy holders to claim between 50-70 per cent of their incomes and these payments are tax-free.
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There are two main types of income protection:
Long-term income protection will pay out until you retire, die, or return to work.
Short-term income protection is usually cheaper but will expire after a specified period, typically between one and five years.
Being unable to work for a lengthy period through injury or illness. We all tend to take our health for granted but our ability to pay the bills can very quickly be jeopardised.
Income protection is essential for breadwinners who have dependants who are reliant on their income. It is especially important for the self-employed, who can otherwise find themselves in greater difficulty than most.
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Tony and his team at Apex have been fantastic for my wife and I during our remortgage to release funds for building works. Remortgaging during uncertain times they made us feel at ease and ensured we was updated every step of the way. Obtaining us a fantastic deal enabling us to have financial stability. Huge thank you to the Apex team!
Joe Arney, 06th October