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Income Protection

What if I am made redundant? Would my policy cover me?

There are many types of policies available and the advice is to speak to a qualified advisor who will go through the options available to you.

Is Income Protection Insurance available to anyone?

There are requirements that must be met, please speak to a qualified advisor who will guide you accordingly.

Can I not claim income support if I cannot work due to an illness?

The answer is yes, however the amount you will receive will be nowhere near the amount you could receive through having an affordable income protection policy plan.

What are the types of claims people can make with you

In the majority of income protection insurance cases there are normally two types of illnesses relating to claims that are received by insurance companies.

Is there really a need for me to take out Income Protection

Well, to answer the question, what would you do if all of a sudden you were taken ill tomorrow?

What exactly is Short Term Income Protection Insurance? (Also known as Accident Sickness and Unemployment Insurance)

Quite simply, short term income protection insurance is a specially designed policy that allows you to still receive a liveable income in the unfortunate event that you are unable to work, for a period of up to 12 months or sooner if you are able to resume your employment. One of the plus sides to short term income protection insurance is that the policy is often flexible enough to cover you in the event of sickness and injury as well as unexpected unemployment (quite a common occurrence these days).

Why should you choose to invest in Short Term Income Protection Insurance?

Many individuals make the right decision in insuring their income with the help the comparison experts here at Income Protection Insurance. When you stop and consider that if you do become ill and are unable to work for longer than a month (or in some cases if you find yourself unemployed), the benefits easily outweigh the cost of your premiums, providing you with enough income to cover your essential outgoings. With statutory sick pay being around a basic amount of £65 per week, without an insurance policy, you would see yourself suffer financially.

Are there ways in which your claim being refused?

With any insurance cover you decide to take out, honesty is the best policy. Giving false answers to questions on your online application form, either in an attempt to lower your premiums or to gain certain benefits could make your policy null and void and your claim would be refused. This would leave your policy worthless when you really need the protective cover for your income. If you fell behind with your payments or even if you didn’t read the policy correctly for what it covered, your claim could also be refused as would fraudulent claims, for example claiming for an illness that you didn’t have, etc.

What type of insurance would you need if you wanted a lump sum in the event you were to die or become very seriously ill and could not work again?

A cash lump sum paid out to you or your spouse would certainly go towards helping a very delicate situation where you were to suffer a serious illness and were unable to work again or even worse, you were to die. Determining the correct insurance policy is as important as choosing an income protection policy that covered you for both illness and death, if you fell ill and made a claim, it would be the one occurrence where you could claim against your policy. If you were to die as a prolonged result of your illness, the policy would no longer be valid. In those situations many might consider to take out a life insurance policy as well as an income protection plan, however at a greater cost for separate premiums.

What sort of insurance would you need if you wanted to ensure that your monthly mortgage repayment is paid, for example if you became sick, unemployed or had an accident?

In the majority of cases where your essential outgoings such as your mortgage and utility bills need to be covered, it is important to choose your insurance carefully. If you find that you are unable to keep up your payments due to illness, unemployment or after suffering a serious accident, you need to think carefully about the type of insurance you should take out. Depending on your situation and the reasons for not being able to work, there are a range of insurance policies designed to assist you, aside from income protection insurance cover there is Mortgage Payment Protection Insurance or Accident, Sickness and Unemployment insurance, often referred to as ASU Insurance.

What happens when you want to ensure that you receive a monthly income if you became sick, unemployed or had an accident for as long as you were off work (i.e. no limit of 12 months) or until the insurance policy finished whichever came sooner.

There are many income protection insurance companies who work to help you acquire the correct level of protection of income protection insurance. Gaining a policy that offers you long term or a permanent monthly income means high premiums and quite complicated application processes. Speaking with an Independent Financial Advisor would be beneficial should you wish to ensure protection from unemployment and redundancy related issues.

How much should you normally insure for with income protection insurance?

As a general rule of thumb, income protection insurance plans will provide you with enough cover to ensure you can afford to pay your essential fixed monthly bills such as the mortgage or rent on your home, utility bills and help towards daily living expenses such as adequate food provisions and other expenses. As with any level of cover provided, such companies aim to make your life as easy as possible and provide you with the most beneficial cost with efficient and comprehensive competitively priced income protection insurance cover.

How long should I insure myself for?

Like with any other insurance policy, whether it be car insurance, insurance for your home or even life insurance, income protection insurance is only valid if the policy is paid, either annually or monthly, on time and when kept up to date. These types of insurance policies are often taken out on a permanent basis or over long periods of time. Unlike travel insurance or other versions of one time use insurance policies that are for a specific time period, you can choose to have first class cover for as long as you require financial assistance because of a lack of income due to either sickness or injury.

Will a claim under a Short Term Income Protection policy affect any State benefits to which you may be entitled?

As an important question asked by many individuals is that if they do take out income protection insurance, would their state benefits be affected in any way, by a claim put forward in the event of sickness or illness? Well the answer to this honest question is no. A short term income protection policy is designed to replace a certain percentage of your wage or salary. Any moneys that you receive as insurance pay-outs are not viewed as means of an income by either the Inland Revenue or the Benefits Agency.

With Income Protection Insurance, what happens if I am made redundant?

One of the biggest fears over the last few years’ in many sectors and industries is the threat of redundancies, having to make industry wide cut backs on workforces and resources to remain operational. There are ways in which you can ensure smooth and trouble free financial assistance. If you are unfortunate enough to experience a redundancy in the event that you have taken the correct measures such as personal loan insurance or equally effective short term payment protection insurance policy you can be assured adequate financial protection.

Approximately how much will the average income protection insurance premiums cost me?

Regardless of your particular policy, taking out income protection insurance cover will offer a healthy return when you need to make a successful claim. Short term or long term income protection insurance policies can be tailored to suit particular needs and requirements of every individual customer with excellent comparison services within the industry there are many providers who remain dedicated to providing a quality and reassuring service time after time. As you may know or will discover, the costs of insurance policies taken out are depending on the company you decide to go with, which is why there is the help and assistance there to help you make a decision that will offer the most benefits in the future.