Archive for the ‘Income Protection Cover’ Category

Income Protection Cover: What You Should Know – Part 2

Monday, August 1st, 2011

Your mortgage on your home is probably the biggest loan that you have ever made in your life. It signifies enormous responsibility and a huge investment. In this shifting financial climate, keeping up with your loan payments could be a continuous worry you may have. Just think, what could happen if you suddenly lost your job, or if you become unable to work because of an illness? How then are you going to pay your mortgage? You can have peace of mind if you take out a income protection insurance policy.

So, how does it work? Given that you regularly pay the income protection premium, you have to make certain that you have sufficient money to wait before you make a claim to the insurance company if ever you ever get sick or have an accident. You should know if your policy’s extent is indefinite, and if it won’t wait until you are employed again. You need to ensure that you recover from your illness and find a job before your policy expires. Normally, policies end after one to two years, but if you wish to pay a higher premium, you can go
for a longer time span. Nevertheless, you do not want to be unemployed for more than two years.

When looking for a income protection policy, you need to know that there is a preliminary exclusion period, which usually takes effect when the contract starts. You cannot file claims within this time period. This one normally coincides with unemployment, and the ruling-out period can last from thirty to sixty days. A so-called excess period also exists and this can be around thirty to sixty days. During this time, you will be prohibited from the claims payment. Often, the company will cover the mortgage. Other related bills like pensions and
insurances will also be addressed by the company. The amount will differ depending on the company.

Income Protection Cover: What You Should Know – Part 2

Wednesday, July 27th, 2011

In any event, losing an income can be hugely significant, however large or small it may be and there are really no ways round finding a quick solution other than finding a new job or a way to replace that income as soon as possible. However with Income Protection Cover, you can help protect against the damage that can arise from a sudden drop in a household’s income. What Income Protection Cover can effectively do, is provide you with a monthly income based off a certain percentage of your gross salary so that important outgoings and bills can still be paid and you still gain money to assist in your family’s daily running costs.

 

Because certain insurance services such as Income Protection needs to suit the needs of individuals, the insurance plans are normally quite flexible, providing the right assistance to benefit a selection of budgets, requirements and outgoings, reflecting obviously on how much the monthly premiums will be, from customer to customer. With many insurance specialists you need to be 100% sure of what you are eligible to gain in the event you need to make a claim, such as some insurers will not pay out if you are made redundant, or if you have suffered an accident through wilful neglect and are trying to claim a loss of income. Be honest and true at all times with any claim or policy to avoid disappointment.

Cannot work because of illness

Monday, July 11th, 2011

‘Life is what happens when you are making other plans’ – a good and relevant quote from John Lennon. He is telling us that things happen unexpectedly and without any warning. The late Beatle was also saying you cannot plan for these sudden and surprise events. He was partly right – however, individuals can put plans into effect to make sure they are covered by those sudden twists and turns of fate.

Income Protection Insurance is a way of covering our backs financially when the times are good to make sure that when things go wrong, It is still possible to claim a certain level of income and maintain a normal standard of living. This protection will usually cover you for long-term illness and accidents that mean you cannot continue to work in your usual profession. There are some policies, which can cover you for unemployment and redundancy too – however these are few and far between.

IPI could pay up on a claim, such as someone having a severe back injury in a profession where carrying heavy loads is necessary. It could conceivably pay out for a singer if they have had throat surgery and can no longer earn a wage from singing. We are all individuals and have individual needs. Thus, the point of each policy is to suit whoever it is written for.

Therefore, go home now and get out your policy and make sure that you have one that relates to your current needs and work. If you do not, then it is time to contact your insurer to make sure alterations are made in that policy.

Is Income Protection for you?

Monday, July 4th, 2011

Income protection is for anyone, no matter what age you are or where you work you are entitled to take out income protection.

Many people have come to take out income protection insurance over the past few years due to the economic climate being very unstable. With the economic climate being unstable employers are offering less benefits to their employees and so people are taking it upon themselves to ensure they are protected in case they end up facing long term unemployment due to incapacity.  Income protection enables you to receive monthly or weekly tax-free payments which equate to a percentage of your monthly wage when the plan was taken out.

When you are unemployed you still need to maintain mortgage and utility payments, so having income protection will enable you to do this and if you have a long term illness you can rest knowing that your home payments are covered and you can focus on returning to full health. Once you are of health to return to work then payments will stop, and you will be expected to continue premium payments.
There are multiple types of insurance plans which help you maintain payments when you become unemployed. Some like Mortgage Income Protection cover you due to most reasons for unemployment others only cover you if you are unemployed due to illness or an accident. Payments will be issued after a pre agreed deferred period.

Are you unsure as to if income protection insure is for you? Just review all payments you currently make and try and work out how you would maintain these payments if you were to suddenly become unemployed. If you would struggle to maintain the essential payments, then the suggestion would be to consider taking out income protection insurance for peace of mind.

Take out the correct income protection cover today

Thursday, April 28th, 2011

Income protection insurance comparison sites can help you find the best income protection policy for you, with advisers who will work alongside you to understand your situation and what it is you are looking for from your income protection insurance. Income protection cover specialists have a selection of insurance providers on hand to work with you and who will always aim to provide you with the cheapest policy for your needs.

Income protection insurance will allow you to receive up to 65% of your income in weekly or monthly tax free payments, so that you can afford to maintain you financial commitments.

Income protection insurance will only protect you if you are out of work due to being ill or having been in an accident. When you take out income protection you want an own occupation definition, with an own occupation definition you will be able to receive payouts once you are unable to do your own job. You do not want an any job definition as you will not receive payouts unless you are unable to do any form of paid work.

Keep protected with income protection cover.

Wednesday, February 16th, 2011

With the current recession and downturn in the economic climate it is recommended that you protect your income. If you were to end up out of work for whatever reason without income protection you would most likely be without an income and would be unable to maintain a basic standard of living never mind the luxurious standard of living that most people are used to today.

Income protection will give you monthly or weekly tax free payouts at approximately 65% of your income and if you are reliable on your wage to get by each month income protection will give you security in case anything does happen to you.

Income protection will cover you if you are out of work due to sickness or an accident most policies won’t cover you for redundancy or any other form of unemployment. Being out of work due to sickness or an accident doesn’t allow you the opportunity to find another job but if you were out of work due to redundancy you would have the opportunity to find another job. There are other forms of insurance that will cover you for redundancy and unemployment, but you do have to be employed when you take the cover out.

If you own your own home, have a family or both then you need peace of mind that if anything was to happen to you, you could still support your family or keep up with mortgage payments, income protection insurance gives you that peace of mind.

Will income protection cover help me?

Monday, January 24th, 2011

Income protection cover will help you as it ensures that if you were to become unable to work due to an accident or illness then you would receive monthly payouts which are averagely 65% of your monthly income, which will help maintain everyday payments. Income protection cover will help you as the payouts allow you to maintain everyday payments which if you weren’t to pay could mean you’d end up losing your car or home. If you were to lose your car or home it would cause the family extra stress and worry which isn’t needed when everyone wants to focus on making sure you are to recover and get well again. You may think you won’t need income protection cover but if you don’t have income protection cover and you were to become unemployed due to an accident or illness then you could lose 100% of your monthly income meaning you would be unable to maintain everyday payments, causing you a lot of stress worrying about maintaining your payments when you should be concentrating on recovering and getting well again. Most income protection covers won’t help you if you were to become unemployed due to redundancy but there are other income protection covers available such as unemployment income protection, which would. Income protection will give you peace of mind when things go wrong and you become unable to work due to an accident or illness. You don’t need any extra stress when you’re ill, so income protection will help you.

Personalised Payment plans for Income Protection Insurance Cover.

Saturday, January 1st, 2011

In times where money may be restricted, such as it has been over the last 2 years for many of us, finding the right income protection insurance and then having the option to tailor your payments to your budget makes sense. Income protection companies can do just this. Offering a flexible and individualised service to customers and clients, they offer you the ability to choose monthly or annual payments to make it easier for you to ensure the right the right level of cover is given to you, in the event that your income is placed in jeopardy. With the addition of short term plans also available, the amount of flexibility provided by them makes choosing Income Protection Insurance simple and very easy.