Life insurance protects your family if you pass away, but income protection insurance is designed to protect your salary while you’re alive.
For HGV drivers, income protection can be particularly valuable. If you were injured in an accident or became too ill to work, you could face a sudden loss of income. For drivers who are self-employed or working as contractors, this risk can be greater.
Income protection insurance can provide regular monthly payment if you are unable to work due to illness or injury.
This type of policy could help you:
- Maintain your household income
- Keep up with mortgage or rent payments
- Cover everyday living expenses
- Protect your savings
In many cases, income protection policies pay between 50% – 70% of your salary (tax free) until you are medically fit to return to work.
If a long-term illness or injury prevents you from returning to driving, some policies may continue paying until the end of the policy term or your planned retirement age.
