Archive for the ‘Income Protection Insurance’ Category

More Facts about Income Protection Insurance

Monday, April 4th, 2011

Income protection is available to everyone as long as you have an income. You can’t take out income protection if you are already unemployed or don’t do any form of paid work. The amount of income you have does not affect if you can purchase income protection or not, everyone with an income should protect it in case of unemployment.

Income protection cover will protect you if you become unable to work due to an accident or illness you will receive a monthly or weekly tax free payment which is on average 65% of your income.

With the current economic climate and recession meaning there are many redundancy’s and cuts in hours or pay, protecting your income is paramount in ensuring you can maintain all your financial commitments if anything was to happen to you causing a loss in income.

A loss in income can be devastating and without income protection it can cause a lot of financial difficulties for you and your family having income protection takes some for the stress and worry away from meeting your financial commitments.

When you take out income protection insurance you want an own occupation definition as this enables you to receive income protection payouts when you are unable to do your own job.

The other two income protection definitions depend on you being unable to do other jobs alongside being unable to do your own job whether it is a job similar to your own or any other form of paid work.

How much of your income can you expect to receive with Income Protection Insurance?

Friday, February 4th, 2011

Typically on average, you can expect to receive around 65% of your gross salary when taking out income insurance with This amount varies between insurance providers but independent insurers have dedicated much time and effort to designing policies to get the most beneficial solution for you when faced with job cuts or a complete loss of income. There is no point to taking out income protection unless you can receive a liveable wage, providing you with enough to cover important outgoings such as your mortgage payments, loans and other utility bills. Although if you are out of work for a long period of time you may miss out on the luxuries that you may have become accustomed to, but the premiums ensure that you keep up to date on the important bills and financial obligations.

Why choose to insure your income?

Monday, November 1st, 2010

A silly question really, but opting to take out income protection insurance really does offer superb benefits to those who, when the time comes, really need it. Because an income protection insurance policy replaces a generous part of your monthly income for long periods of time, you have less financial worries, helping you focus more on recovering and finding alternative employment or reaching the age to take retirement. Not just applicable to when you are faced with redundancies or cut backs that have a detrimental effect on your income but in addition income protection can be handy when you are unable to work too. If you earn a reasonable salary and wish to create a safety net around it, talk to an income protection specialist today.