Archive for the ‘Income Protection’ Category

Income protection can benefit you.

Tuesday, September 20th, 2011

Do you want to know how it is that income protection insurance can benefit you?
Income protection is a form of insurance which will cover you if you were to be out of work due to an accident or illness. Becoming ill and being in an accident are beyond our control and this is understood by income protection insurers, this is why they offer an insurance policy which allows you to receive a percentage of your income in tax free payments which is a replacement for the income you will have lost.
When you take out a policy you will choose just how long you will receive payouts for, this can be anything up until your retirement. You will also choose how long you will need to wait from making a claim to receiving your first payment which can be anything from 4 to 13 weeks, maybe even longer if you can afford to wait that long.
You can choose to take out a short term income protection policy which will pay out much quicker however the payouts will only last for two years and so it is not always an ideal policy to take out, as the longer term policy offers you greater protection.

Take out protection on your income, in case you may lose your job.

Thursday, September 15th, 2011

Many of us think about what might happen if we were to lose our job and yet how many of us have actually taken out protection in case this was to happen? Many people won’t have done mainly because although they may have thoughts about losing their job they don’t actually think it will happen to them, losing their job is the kind of thing which may happen in another dimension and so it’s not something they need to protect themselves against.
What would you do if you were out of work due to an accident or illness? There would be very little you could do, especially if a return to work is not on the cards but there is something you could do now before you get to that point, you could take out income protection insurance.
Income protection will payout weekly or monthly tax free payments very similar to that of a wage and are on average 65% of your gross income making the payouts enough to live off. When you take out your policy you will choose how long your cover will pay out for and how long you will have to wait until you receive your first payment.

Get the right policy with help from advisors.

Tuesday, September 13th, 2011

Don’t feel the need to embarrass yourself by selling your most prized possessions when you lose your job and your income, ensure you are prepared by taking out an income protection policy.
Insurance companies know that it can be difficult trying to find the right policy which is why they have dedicated advisers which are on hand for you to call with any questions you may have. Their advisors can also help find the right policy for you. If you wish to look for your own policy then you may want to use one of the many quotes generator services which are available online. This will allow you to get quotes from many leading insurance providers while only having to enter your information once. It can often be difficult trying to understand the terms which are used in insurance policies and it can be a nightmare trying to decipher it so you know exactly what cover it is that you will receive and this is why professional advisers are there to help you online. If you find a policy online using any of the quotes generators, please do feel free to content them and speak to an advisor about the policy, they will be able to help you with any queries you may have.

When is the right time to buy Income Protection Insurance?

Thursday, August 18th, 2011

There are many that have yet to discover what benefits income protection insurance have to offer and those who are unsure of its importance. Perhaps already having certain insurance policies in place such as life insurance, there needs to be a certain clarity made between income protection and other seemingly similar policies.

Ok, if you were to look at life insurance and other policies such as critical illness insurance, it is important to deduce straight away that these two policies should in no way be connected with income protection insurance. Possible similarities between income protection and critical illness plans are apparent in the fact that they pay out if a person contracts a critical illness or are no longer able to work due to that illness but life insurance only pays out if the insured party dies.

No help there for the insured party then is there? With that in mind, critical illness policies pay out a lump sum cash amount whereas income protection pays a percentage of the claimants’ salary each and every month, ensuring a regular income is still attained. Depending on the level of cover a person chooses, they could in effect receive payments up until the day they retire if their injuries or illness is serious.

So in the final conclusion, the question remains of when the right time it would be to take out income protection. The answer can be very different for individual cases but by any standards, the earlier you take out a policy, the more cost effective it will be in the long run, especially if there is a history of health problems in your family or if you work in an industry that is dangerous or has high risks.

Don’t be put off by extortionate income protection premiums.

Friday, July 29th, 2011

Worrying about how you would ever pay your bills in the event of a financial blow such as losing your job or the ability to do your job is a trying and testing issue that many individuals spend a certain amount of time considering throughout their working careers. Definitely as of late with the state of the economy over the last decade, job security in many sectors has come under fire and not even the most secure of jobs within certain industries have been without the worry of possible loses.

 

Understandably then that when faced with certain income protection policies that seem to be quite high, there are many that choose to decline the chance to take out protection against their income. In a way the whole thing can be a double edged sword…but only if you are to rush into things and find yourself only checking one or two companies for a comparison.

 

In order to find a viable solution and to find an insurance specialist that can present a policy that is not only tailored to your needs but also one that fits into your budget, you need to do your homework. Checking insurance comparison sites for the best offers that can be found with a little investigative work and looking at various requirements and points that can lower premiums all offer added assistance in finding an affordable alternative.

Income Protection Cover: What You Should Know – Part 1

Monday, July 25th, 2011

It could be problematic if you suddenly lost your job. But what’s worse is if you lost electricity or other basic utilities in your home. You could lose electricity, the use of your phone, or even your entire home if you failed to pay your mortgage on schedule. You should admit it, your home is the most important security layer and losing it can cause you really big problems. Hence, you should act now and be prepared for whatever unfortunate circumstances that you may find yourself in.

Start looking for mortgage payment protection insurance. This will let you keep your mortgage payments up-to-date in case you become unemployed or derailed by layoff rumors. Even if you have a good job, accidents and personal injuries can occur at any time. Such unfortunate events can affect your monthly income or could even result in unemployment. For a little monthly premium, mortgage payment protection insurance can help you to keep your regular mortgage payments. Although deciding to have this form of protection is a big commitment, it is definitely worth considering especially if you are bothered with the possibility of losing your job or income.

Read the insurance schedule

Tuesday, July 19th, 2011

When you are buying income protection insurance, make sure you fully understand the methods of making a claim, what you have to show in order to make that claim, and the criteria that need to be fulfilled. There is no point buying the protection if there is no way that you can claim on it. Therefore, it is always wise to read the contract and make sure that the mode of your employment fits with the policy. Many people have found that they thought they were covered by income protection insurance, only to find out that the policy no longer covers them because they changed job some years ago without informing their insurer.

Then, when they come to that awful point in life when they suffer a long-term illness, and they find that they are left high and dry. There are reports in the news about complaints and some companies being accused of mis-selling policies. However, look closer at many cases and you will find that the policy was the right one for the individual at the time they bought it. Life then went along okay for a while until they changed job. It was at this point they should have made a call to check whether a different policy was needed to cover them. So the action point to take away now that you have read this is: get your policy documents out and make sure they are still relevant to your job. If they are, then you can sleep safe in the knowledge you are covered.

If they are not, you will feel thankful that you have read this and have been given a nudge to take action.

Don’t put yourself at risk of losing your complete income.

Friday, June 24th, 2011

When you lose your income it becomes a very difficult and trying time. Everything around you has to change to accommodate your loss. If you lose your income due to redundancy or due to an illness or accident making you unable to work, the difficulty and adjustment needed is the same.

If you do not have income protection and lose your job and income times will become very difficult as you’ll be unable to meet the payments for your financial commitments causing you a lot of stress and worry, when you should be focusing on finding a new job or recovering. Not only will the loss of income effect you it will affect your family too.

If you were to have income protection and lose your job due to an illness or accident then you would be entitled to receive monthly or weekly tax free payouts at 65% of your income allowing you to maintain your financial commitments and allowing you to recover. The loss of your job will still cause you a lot of worry but having income protection allows you to get on your feet while not losing too much of your income, ensuring you don’t end up in financial difficulty.

Having income protection allows you to have peace of mind that if you were to lose your job due to an illness or accident you would not lose all of your income and you have the ability to just focus on recovering rather than worrying and becoming stressed over your financial commitments.

Protect yourself with income protection.

Friday, June 24th, 2011

People are starting to take insurance out for many different reasons and for different circumstances but ultimately it is all for your protection. You take out car insurance to protect yourself if your car is in an accident, you take out house insurance so as to protect your home if it is burgled or if it is in a fire. Having insurance allows you to relax and not worry about situations that may or may not happen.

Income protection insurance protects your income if you lose your job. There are different types of income protection insurance policies which payout when you lose your job such as if you have an accident or illness or if you lose your job due to job cuts. When you take out income protection insurance you will receive weekly or monthly tax free payments of on average 65% of your income. Having income protection will give you peace of mind so you do not need to worry about what will happen if you end up with a total loss of income.

If you lose your job due to an accident or illness you will be able to receive a payout from your income protection insurance as long as you meet the definition you were given when you took out your insurance policy. An own occupation definition means you will receive a payout when you are unable to do your own job. A suited occupation definition means you will receive a payout when you are unable to do your own job or a job similar. An any occupation definition means you will receive a payout when you are unable to do any form of paid work.

Income protection can help you.

Saturday, April 16th, 2011

Life is getting harder for each and every one of us as living costs increase and yet more and more of us are becoming at risk of redundancy, being at such risk causes a lot of worry especially when we know we are already struggling to make ends meet whilst working.

If you purchase income protection your income will be protected if you get made redundant due to an accident or illness, circumstances that are out of your control. Income protection allows you to receive up to 65% of your monthly income in weekly or monthly tax free payments upon being made redundant. Income protection, will payout until you find yourself employment again.

Income protection cover providers make taking out income protection an easy task and there are experts who will guide you through the process making it quick and hassle free. Advisers will guide you through the process and will tailor a policy to suit your individual needs that will ensure that the payouts you would receive will cover your mortgage costs and any personal loans you may have.

Almost all of us are not guaranteed financial security so having income protection gives you peace of mind that when difficulty arises you will not be at a complete financial loss.