What is income protection insurance?
Income protection insurance is an insurance policy that regularly provides the policyholder with a percentage of their income if they are unable to work due to illness or injury. This regular income will continue either for an agreed period or until the policyholder retires or they are able to return to work.
Income protection for individuals
One of the income protection insurance products that we offer is designed for individuals, who want to insure themselves against a loss of income due to being unable to work through illness or injury.
With an income replacement plan from Wiltshire Friendly, you will receive regular payments to replace part of your lost income, making sure that you are personally protected. By choosing an individual income protection product, you are able to select the amount of cover you want, and choose how quickly you want your claim payments to start - meaning that you are in total control of the monthly premiums that you pay and can choose a level of cover that suits your budget.
As well as this, after insuring with Wiltshire Friendly for two years, you start to share in any surpluses that we make. Cash sums can build up in your plan, and it can continue to grow, even if you claim!
With Wiltshire Friendly, you can be sure that we will be there to help you when you need our financial support. In fact, in 2024, we were able to pay 99.25% of all claims made to us!
99.25% of all claims
paid in 2024
97.42% of all claims
paid 2022-2024
inclusive
Group Income Protection Insurance
Alongside our individual product offering, Wiltshire Friendly also provides Group Income Protection for employers. Group Income Protection is an insurance policy that an employer takes out to provide financial protection to employees in the event they are unable to work due to illness or injury.
The main type of Group Income Protection insurance is employer funded Group Income Protection. The employer can then also agree to offer an employee funded extension option.
Employer funded Group Income Protection
Employer funded Group Income Protection is a benefit that is claimed by the employer on behalf of their employees and is passed onto the employee through normal payroll. When businesses choose employer funded group income protection policies, they are able to choose the level of protection that they provide to their employees based on their earnings.
The maximum benefit that businesses can insure for each employee is 75% of their yearly salary to a maximum sum insured of £180,000 annually. Your claim can be paid for a period of time ranging between 6 months and when the employee reaches retirement age. However, the claim payments will stop when the employee returns to work.
Employee funded Group Income Protection extension
An employer, having set up Group Income Protection for their employees, can then create an option for their employees to personally extend their cover once the main employer funded cover ends.