Income Protection Insurance is designed to pay out a monthly benefit if you are unable to work due to illness or accident. With the help of an advisor, the applicant can determine how much cover to take out. They can also decide how long they are prepared to wait before they are entitled to put a claim in.
Compared to life cover, Income Protection insurance can be expensive. This is because you are more likely to be unable to work due to illness than die.
Having said that, Income Protection insurance continues to pay out the monthly benefit until you return to work. This is unless you have selected the “budget” version of the policy which typically only pays out for 24 months.
The big advantage of Income Protection Insurance is that it pays out for whatever is preventing you from working. Compared to Critical Illness which only pays out against a list of specified illnesses, this is beneficial.
This type of policy is very popular amongst the self-employed. It can also appeal to employed applicants who do not benefit from generous Employer sick pay schemes.
It’s very important to us that all our customers are given an equal opportunity to take insurance out through ourselves. We wouldn’t be doing our job right if we didn’t mention it!
We offer all of our customers a free, no-obligation protection review. As part of this, we’ll have a look at any existing policies you have in place and assess their suitability. We’ll then recommend which products, including critical illness and income protection, meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.