What is Income Protection?
Sometimes known as permanent health insurance, income protection is an insurance policy that makes monthly payments if you’re unable to work because of injury or illness. Income protection is designed to replace loss of earnings and usually pays out until retirement, death or your return to work, although short-term income protection policies, which last for one, two or five years, are also available at a lower cost.
Income protection is linked to your gross earnings and many providers will limit the amount in proportion to your income, this can be typically 50-75%. On claim, the monthly benefit is tax-free and will be paid if you’re unable to work because of illness or injury.
When discussing the policy we help you to specify a deferred period; typically, 4, 8, 13, 26 or 52 weeks along with the amount of benefit you require and how long you want the benefit to be paid for. Full term or short term.
Paul Harrison
The team at ChoiceMortgages UK Ltd were fantastic. They helped me get a great mortgage, handled my life insurance policy and even arranged the buildings/contents insurance for my new home. I would strongly recommend that you contact them if you're looking for a new mortgage. A great team, in particular John and Nicola, that go that extra mile in helping you.
A great team
Why take out Income Protection?
Knowing you are protected with income protection can give you peace of mind that you and your loved ones will be covered financially in the event you are unable to work due to an accident or sickness.
Income protection will help you in these ways:
- You will receive a regular income in the event of accident or sickness
- You can maintain your financial obligations
- Increase your financial security
- Protect you and your family and give you peace of mind
- Take advantage of specialised support services
- Focus on getting well without added financial stress
Our expert team are here to advise and support you through every step.
How ChoiceMortgages UK Ltd can help
With over 70 years of insurance advice, Nicola and Tony will guide you to understand the best options for your situation. We are used to handling the different aspects of these policies and aim to make the process as simple and easy as possible.
- We will discuss your requirements and carefully understand details of any existing policies or employer provisions relating to sick pay.
- We will explain the difference between full and short term protection, deferred periods and maximum benefits available.
- We will talk you through the index linked option, before tailoring our advice and recommendation specific to your age, lifestyle, budget and occupation.
- We know the all the providers and can efficiently determine the best policies for you.
