Income Protection Insurance pay an income if you are incapacitated and unable to work due to illness or injury. It provides a monthly income so you can cover bills and avoid financial stress.
For those who are self employed, if you are not working there is no income at all. You may not be entitled to Statutory Sick Pay so, if you suffer an injury and are off work, there is no money coming in to pay the bills. Income Protection can give you the peace of mind that should you be in this situation, there will be a regular monthly payment to help out. This income is also tax free. If you are employed then you defer your income protection payments until after Statutory Sick Pay has ended.
By setting up an Income Protection policy, you can avoid dipping into savings or long term investments that you have set aside for future plans. Income protection policies do not cover redundancy or unemployment.
There are many factors which will decide how much your policy could cost and these factors include:
What percentage of your income you want to protect
What your occupation is
How long you want to defer payments if at all
How long you want to be able to claim for
Your age
Your medical health
There are so many options when it comes to taking out Income Protection and your decision about which type of policy you want will depend on yourself and your individual circumstances. By talking it though with an expert they can give you the benefit of their experience put together with asking you the right questions. This will ensure they find the product to suit your needs and the outcome you are hoping for.
They can also take into account any existing policies you hold. You may need to change this cover or it can be used alongside a new policy to give you the protection you are after. Only by discussing your life insurance with an expert can you be comfident you are considering the ideal product for you and our partner are on hand to give you that assistance.
Our expert partner is LifeSearch who are one of the UK's largest life assurance brokers. They can search through policies from some of the leading insurers to discover the cover you need. The companies include AIG, Aviva, British Friendly, Legal & General, LV=, Royal London, The Exeter, Vitality, Scottish Widows, National Friendly, Shepherds Friendly, Cirencester, Holloway, Guardian and Zurich. Lifesearch, like MoneyMaxim, are regulated and authorised by the FCA,. They are able to offer a guarantee to get you the right cover at the most competitive premium they can. There are no fees and no obligation for their service.
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