What Is Income Protection Insurance?

Rhino Trade Insurance 14 December 2023

As a skilled tradesperson, you understand the importance of hard work, dedication, and professionalism in your job. But what happens if an unexpected event, such as an illness or an accident, renders you unable to work and earn your living? This is where Income Protection Insurance gets to work.

In this article, we will explore the world of Income Protection Insurance, its significance for self-employed tradespeople, and how it can give you financial stability in the event that your life takes an unforeseen turn.

Understanding Income Protection Insurance

Income protection insurance is designed to replace a portion of your income in case you cannot work due to illness or injury. It serves as a lifeline for your finances, making sure you can keep up your quality of living and pay your debts even if you are unable to work.

Key Features of Income Protection Insurance

Monthly Income Replacement: When you have Income Protection Insurance, it provides you with a regular, tax-free income to replace a significant portion of your lost earnings. This ensures that you can continue to pay bills, mortgage or rent, and other essential expenses while you are unable to work.

Long-term Coverage: Income Protection Insurance typically covers you for an extended period. This long-term coverage is vital, especially for tradespeople whose income relies heavily on their physical health and ability to work. With Rhino Trade Insurance, you can choose to cover yourself for 3, 6, 9 or 12 months.

Various Coverage Levels: You can choose the level of income coverage that suits your needs and budget. Policies can replace a percentage of your pre-tax income, allowing you to tailor the coverage to your specific requirements. With Rhino, you have the ability to cover yourself up to £2,500 per month.

Flexible Premiums: With Rhino, the premium for your Income Protection Insurance is affordable and can be tailored to your budget. The amount of coverage you select, your age, and your health can all affect your premiums.

The Importance of Income Protection Insurance for Tradespeople

Now that we've discussed the key features of Income Protection Insurance let's explore why it is especially important for tradesmen and women working in the UK.

Physical Demands of the Job: As a tradesperson, your work often involves physical labour, which can lead to a higher risk of injury. Injuries can result in temporary or permanent disability, preventing you from performing your job and earning an income. During these times, Income Protection Insurance will help you out financially.
Self-Employment: Many tradespeople in the UK are self-employed or work as independent contractors. This means that there is no sick pay or employer-provided disability coverage. Income Protection Insurance fills this gap, ensuring that you have a reliable source of income even if you are self-employed.
Income Stability: Tradespeople often experience fluctuations in income due to seasonality, project-based work, or other factors. Income Protection Insurance offers consistent financial stability during uncertain times, helping you maintain your standard of living.
Peace of Mind: Knowing that you have a financial safety net in place can provide that all-important peace of mind you need. You can focus on your recovery and rehabilitation without worrying about how to pay your bills and expenses.
Support for Loved Ones: If you have dependents, Income Protection Insurance ensures that your family's financial needs are met even when you cannot work. It's a responsible way to safeguard your loved ones' future.
Protection Against Long-Term Illness: Income Protection Insurance is not just for accidents. It also covers long-term illnesses that can significantly impact your ability to work. With a policy in place, you're prepared for any unforeseen health challenges.

Rhino Trade Insurance and Income Protection

At Rhino Trade Insurance, we are a well-known, reputable provider of insurance products for tradespeople in the UK. We can offer Income Protection Insurance tailored to the needs of individuals working in various trades. We understand the unique challenges and requirements of tradespeople and have designed our policies to provide comprehensive coverage so that you don't have to worry if something goes wrong and your income dries up.

Here are some reasons why tradespeople choose Rhino Trade Insurance for their income protection needs:

Specialised Knowledge:

Rhino Trade Insurance has in-depth knowledge of the trades industry, allowing us to offer policies that are specifically designed to address the risks and needs of tradespeople - no matter if you are a plumber, kitchen fitter, locksmith or glazier, we have a policy for you.

Flexible Coverage Options:

Rhino's Income Protection insurance policies can be fully customised to suit your individual circumstances, ensuring that you receive the right level of coverage for your needs. Just chat with one of our helpful staff members in Leicester, and they will help you pick the right level for your situation.

Affordable Premiums:

Rhino Trade Insurance prides itself on offering competitive premiums for income protection, making it accessible to tradespeople with differing budgets. Find out all about our income protection and the guide prices here.

Amazing Claims Support:

In the event that you need to make a claim, Rhino Trade Insurance has a dedicated team to guide you through the process that ensures you receive the benefits you're entitled to. We have worked hard to make our claims processes top-notch so that you don't have to worry in a time of need.

Get Your Income Protection Sorted With Rhino

Whether you're self-employed, work in a physically demanding trade, or simply want to secure your financial future, Income Protection Insurance can offer you the financial stability you crave.

Rhino Trade Insurance, with its specialised knowledge and tailored policies, is an excellent choice for tradesmen and women looking to protect their income. Investing in income Protection Insurance is a smart move that ensures your financial well-being and that of your loved ones in the face of unexpected health issues or accidents. Don't wait until it's too late - call our team on 0116 243 7904 to explore your options, or head to our website to get a quote now.