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Will a claim under a Short Term Income Protection policy affect any State benefits to which you may be entitled?No. Whilst your Short Term Income Protection policy replaces part of your income, the insurance payouts you receive do not qualify as income in the eyes of the Benefits Agency or the Inland Revenue.All insurance payments are tax-free. One of the main reasons for having Short Term Income Protection Insurance is the long-term trend of the reduction in state benefits. If you are one of the “lucky” ones who qualifies for a state payout, Incapacity Benefit basic and sick pay and will provide around £65 a week for the first year and £72 a week thereafter. Could your family manage with that? Think about the following: -
Frequently Asked Questions related to the above topic.
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