Income Protection

All you need to know about Income Protection:

Taking this into account, it is surprising the number of individuals that through no fault of their own experience an accident or sickness that prohibits them from being able to work. With no work there simply is no income. If you experience an accident that was caused by your place of employment or another person’s negligence, you can probably gain compensation, but this could take months to settle and the amount you would receive wouldn’t be made clear to you until you were awarded your claim.

In the meantime how would you survive, let alone pay your bills and other daily costs? Simply put, you wouldn’t be able to and any savings you had acquired would have to be spent on paying your mortgage payments and other outgoings. Along came the answer in the form of Income Protection Insurance. Designed to offer you a considerable percentage of your monthly income in the event that you cannot work due to an accident or injury, income protection insurance works to continue giving you a livable monthly income, calculated off your gross annual income and other factors. Having this beneficial insurance has helped thousands of individuals maintain a steady existence, helping to pay greatly towards the claimants essential bills such as the mortgage or rent, utility bills and loans they may have.

Income Protection Insurance providers focus and aim to provide the most beneficial financial solutions depending on the criteria presented by each and every person taking out income protection cover with them. Income protection cover takes over where employees and government aid finishes, providing a slightly lower income than what you would normally generate, but one that you can live off whilst recovering from your accident or illness. Like any other insurance policy, an income protection claim, if successful is normally paid out after a set time period, usually one month (28 days) and can last for a set period or longer depending on your circumstances.