Accidents or illness can strike any of us no matter what our line of work may be and any extended period off work can have a major impact on our finances. But if you are a professional rugby player the chances of a lengthy injury lay-off are even greater.
So for the rugby professional, taking out income protection insurance really does make sense and a new group income protection plan from Shepherds Friendly warrants a closer look.
Premier league rugby union and rugby league players have been amongst the first group of professional sportsmen to sign up for the plan, as the game's highly physical, high impact nature means the risks of an extended period off work with sickness or an injury are certainly higher than average.
The Premier Protect group plan means that any professional rugby player aged between 18 and 35 can take out cover that will provide a regular monthly tax-free income to help pay those on-going monthly bills. Players can receive up to 60% of their basic contractual salary; up to a maximum of £5000 a month and can choose their preferred waiting period from the date of incapacity until payments begin.
Applying for the plan is quick and simple and there's no medical required. The plan allows a player to receive 100% of their agreed benefit level right up to the age of 50, with reduced levels of 74% to age 55 and 50% until retirement at 65.