Income Protection Advice in Liverpool

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Income Protection Insurance Advice in Liverpool

Income Protection Insurance offers valuable coverage, providing financial support if you become ill or disabled and are unable to work. The policy ensures you receive regular income payments until you can return to work or reach retirement age.

With comprehensive coverage, Income Protection Insurance encompasses various illnesses and disabilities, aiming for your eventual return to work. However, in the event that you cannot return to work, the policy will remain in effect until your retirement age. It's essential to note that Income Protection Insurance can make multiple pay-outs, but there is a cap based on your salary.

To tailor the policy to your needs, you'll need to select a deferred period, the duration before the policy starts paying out. During this time, you can rely on personal savings, employee sick pay, or other income sources. Once the deferred period elapses, the policy will begin providing payments. Keep in mind that shorter deferred periods may lead to higher premium costs.

Since individual circumstances vary, every policy will have its unique features. As dedicated protection and mortgage advisors in Liverpool, we take pride in recommending the ideal policy for you, considering your specific needs and ensuring your Income Protection Insurance meets all necessary specifications.

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Income Protection Advice in Liverpool

Do I need Income Protection Insurance in Liverpool?

Having insurance in place for unforeseen circumstances is crucial, even if you've never needed to claim it before. Life is unpredictable, and having the security of Income Protection Insurance can offer peace of mind.

If you're uncertain about whether it would be beneficial for your specific situation, don't hesitate to contact us for a free insurance review in Liverpool.

It's worth noting that you might already have Income Protection Insurance through your employer's benefits program.

Checking your employment contract can provide clarity on any existing insurance policies your company offers.

While you might have other insurance policies like Critical Illness Cover, it's essential to understand the scope of coverage they provide.

Critical Illness Cover focuses on long-term illnesses and disabilities that may prevent you from working again. For short-term illnesses, Income Protection Insurance could still be a valuable addition.

Some individuals prefer to rely on savings instead of purchasing Income Protection Insurance. However, it's important to assess whether your savings can cover your living costs during the required time off and consider potential emergencies that may arise, requiring more time off work.

Before making a decision, we recommend consulting with a qualified protection and mortgage advisor in Liverpool. As experienced professionals, we will evaluate your personal and financial situation, helping you find the most appropriate insurance product tailored to your specific needs.

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Income Protection Insurance FAQs

Is it worth speaking to an Income Protection Insurance advisor in Liverpool?

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We are pleased to offer you a free Insurance review with one of our dedicated protection advisors at Liverpoolmoneyman. During this review, we will take the time to understand your personal and financial circumstances, considering factors such as your lifestyle, age, and medical history.

This will enable us to determine whether Income Protection Insurance is the most suitable option for you, and we will tailor the policy to meet your specific needs.

It's essential to be aware that Income Protection Insurance may involve higher costs due to its potential to pay out multiple times.

If you already have other insurance policies in place, it's worth evaluating the overall costs and coverage they provide to ensure you have comprehensive protection.

Before finalising your policy, it's crucial to be fully informed about what the Income Protection Insurance covers and the conditions associated with it. Our protection advisor in Liverpool will guide you through the details, ensuring you have a clear understanding of the policy's benefits and limitations.

What is Income Protection Insurance in Liverpool?

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Income Protection Insurance in Liverpool offers valuable financial support when you cannot work due to any reason. It presents two options: a monthly income until you can return to work or a short-term version that covers a limited period per claim.

How does Income Protection Insurance in Liverpool work?

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If you face illness or disability and cannot work, Income Protection Insurance can be your lifeline. It provides lump sum payments to help with essential expenses like mortgage payments, bridging the gap when your regular income is unavailable.

Once you file a claim, there might be a postponement period determined during policy setup, especially if your employer offers sick pay for a specific duration. Opting for a shorter deferral period might lead to higher costs but quicker access to the benefit.

Do I need Income Protection Insurance in Liverpool?

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You might already have Income Protection Insurance through your employer's benefits program, eliminating the need for a separate policy. Verify your employment contract for details about the coverage offered by your company.

While you have other insurance, such as Critical Illness Cover addressing specific illnesses that hinder work, it's vital to review your current coverage for potential gaps in the future.

As experienced mortgage broker in Liverpool, we often see individuals preferring to rely on their savings rather than investing in Income Protection Insurance.

In such cases, it's crucial to assess whether your savings can adequately cover your living expenses during the required period and consider the possibility of needing additional time off for emergencies, ensuring you have the financial safety net you need.

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Our Simple Step by Step Process

Free 30-Minute Insurance Review

Step 1

Explore potential insurance options with a dedicated protection advisor in Liverpool or rely on our expert recommendations. Your protection advisor will discuss your health history with you, gathering essential information to make well-informed decisions.

We Will Search Through Different Insurance Products

Step 2

Our priority is to align the insurance plan with your available monthly budget, creating a custom-made strategy that suits your current personal and financial situation. With access to a vast array of insurance products, our team will search extensively to find the most suitable coverage to protect you and your family.

Submit Your Insurance Application

Step 3

Once we identify the perfect insurance product for you and receive your approval, we will submit your application to the provider. On occasion, the policy provider may request additional information from us before considering your application.

Protecting You and Your Family

Step 4

For clients who have obtained their mortgage through us, we will proactively reach out to you during the remortgage process. This presents an ideal opportunity to review any existing policies you have in place. Circumstances change over time, and the policies that were ideal at the beginning of your mortgage might require adjustments to suit your needs during the remortgage period.

Finding you the Right Income Protection Insurance in Liverpool

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Different Types of Income Protection Insurance in Liverpool

Accident, Sickness and Unemployment (ASU)

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This type of Income Protection Insurance serves as a safety net for unexpected life events that can disrupt your income. Accidents, illnesses, and redundancy are all factors that can impact your financial stability.

With this coverage, you'll receive tax-free monthly lump sums in the event of illness, accidents, or redundancy, compensating for your lost income. Typically, these payments will last for around 12 or 24 months, during which you are expected to recover and return to work.

Once the policy pays out, you have the flexibility to use the money for any purpose you desire. Whether it's covering living expenses, medical bills, or other financial obligations, you have the freedom to allocate the funds as needed.

Payment Protection Insurance (PPI)

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This form of income protection is designed to cover your essential monthly debt repayments, including loans, mortgages, and credit cards, in the event that you become unable to work.

When you secure this policy, you will need to specify the duration for which you want the coverage to pay out. Typically, these policies are short-term, providing financial support for a limited period to help you manage your debts during times of inability to work.

Mortgage Payment Protection Insurance (MPPI)

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If you find yourself unable to work and struggle to keep up with your mortgage payments, Mortgage Payment Protection Insurance (MPPI) comes to the rescue. Instead of replacing your entire monthly wage, it is specifically designed to cover your mortgage payments. In some cases, it may offer a bit extra to help with bills and minor expenses.

MPPI policies usually have a limited pay-out period, typically up to 12 months or until you can return to work. Once you resume working, the payments will cease. For a comprehensive insurance review, feel free to reach out to a Protection Advisor in Liverpool at no cost.

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Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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