Protecting Your Income Against Illness or Accident

Have you reviewed your employment contract recently?

Imagine a situation where something were to happen to you (or any of the earners in your family for that matter) which resulted in you, or them, not being able to return to work for an extended period of time. Unfortunately, this scenario is not all that uncommon nowadays.

Legally, the Gibraltar Government or any private company you work for only has to pay you two weeks full pay and four weeks half pay in any twelve month period. The question you have to ask yourself is, do you think that the statutory minimum is enough to cover your monthly expenses and maintain a good quality of life?

Income protection is a type of insurance policy that pays out a replacement monthly income if you not able to return to work for a protracted period of time. The amount of monthly income paid out can be aligned to a percentage of the main breadwinner’s earnings. With an income protection policy, comes the peace of mind of knowing your family’s quality of life will be protected if you could not return work due to an illness or accident.

Ask your employer about your current sick pay entitlement. Contact us to discuss your options if you feel this does not provide the level of protection that you require.

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