19 Dec 2018
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Income Protection Insurance

What is an Income Insurance Insurance Policy ?

Income protection insurance gives you the ability to effectively buy your own sick pay.

It will provide a monthly tax free income if you are unable to work due to illness or injury. This can vary greatly from a broken arm to cancer and there is no pre-defined list of things you are or are not covered for. You will receive the benefit either until you are able to return to work, you reach retirement age or until the end of the policy term.

There are currently two types of income protection cover available to you.

Short Term Cover

This type of income protection is known as payment protection insurance and is used to protect your mortgage or rental payments. These types of protection typically will pay out for twelve to twenty four months as a maximum. The maximum benefit for this type of cover varies between providers but is typically 130% of your mortgage or rent payment.

In addition, this is the only form on income protection that gives you the option to include redundancy cover.

Long Term Cover

This type of income protection insurance is designed to replace your income in the event of you being unable to work due to illness or accident. The benefit can be taken for a long period and the terms can be up to retirement of a specific term.

Things to Know About Income Protection Cover

The price you pay for your premiums is based on a number of factors, namely the state of your health, your occupation, your age, the salary you receive and the deferred period (this is the period of time that has to pass whilst you are unable to work before a claim can be made). Whether you are a smoker or not is also taken in to account.

As the policy is medically underwritten and income protection has the strictest underwriting, it is important to be completely honest about these things and mention any time off work or operations you have had in the past.

Dependent on your job your policy could be set up as an own, suited or work tasks. For example if you are a builder your policy would be very different then if you are an office worker.

The insurer can never take the policy away from you or decrease your payout, even if you are never go back to work again.

Are There any Options on an Income Protection Policy I can Have?

Income Protection Insurance Quotes & Advice

You can obtain instant income protection insurance quotes with our online quotation system today. With our discounted premiums you can get a great deal for you income protection cover.

Many people search online for income protection insurance when they actually want accident sickness and redundancy. If you are nor sure which type of protection you require you can find out more about income protection our professional financial advisors can advise you on all the different protection options. Simply complete our advice form and advisor will call you to discuss your protection needs.