Income protection

Income protection (known as Permanent Health Insurance or PHI) is something that many people think about, but often don’t arrange until it’s too late! 

If you were to get sick or be involved in an accident that meant you couldn’t work, have you thought about how you’d cover the bills? As a Parasol employee, you would be entitled to receive Statutory Sick Pay (SSP) as part of the standard package of employee benefits we offer. But if you’re a high earner, would SSP be enough? Parasol Money offers income protection from as little as £27.90 per month, where the benefits are paid to you tax free and can even be paid to you on the first day of your illness or injury if you choose. Get in touch today to find out more.

 

Parasol Money Income Protection plan:

  • Ensures you receive a tax-free monthly income after a pre-set period of illness (typically 1, 2 or 3 months).
  • Includes a 1-day waiting period plan for those clients who don’t have savings to tie them over.

  • Offers you peace of mind that if the worst was to happen, you could still provide for your family and maintain your current lifestyle.

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Matching the right policy for you

As Independent Financial Advisers (IFAs) Parasol Money provide advice tailored around you and your working lifestyle.

We’ll look at:

  • The way you are paid
  • Potential market instability
  • Changing tax regimes

  • Future changes in employment status
  • Working abroad

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INCOME PROTECTION guarantees the following:

  • All plans are suitable for Parasol employees.
  • Cover both current salary and also any future dividends (i.e. should your employment status change).
  • Cover you on your ‘Own’ occupation, not the cheaper ‘Any’ occupation basis – you are covered against any illness or injury that stops you from specifically doing the job that you do now and this means the insurer cannot suggest that you’re healthy enough to work in the post-room and therefore stop paying benefits.

  • Provides “guaranteed” not “reviewable” premiums –to ensure your contributions remain constant and don’t increase according to insurance market fluctuations.
  • Have as few exclusions as possible which means that when you need to make a claim the insurer pays what is legitimately yours!
  • All plans are with insurers that have excellent claims record of actually meeting their obligations to clients.

For detailed information on your circumstances please fill in details on the Income protection finder and a Parasol Money consultant will contact you.