Income Protection insurance is a policy designed to pay a monthly amount to you directly to support you if you cannot work because you are ill or injured. They do not typically include cover for redundancy (however, there are other types of policies that can look at this).
It pays a percentage of your gross salary (or take-home pay). There are short term policies, also known as budget Income Protection, and long term policies, also known as full Income Protection.
Although Income Protection is aimed to support you, they are not designed to make financial position better if you are not able to work. There are restrictions in place on how much cover you can have.
All providers differ on the following:
- Amount of cover available
- Pay-out/claim term
- Policy end age (which can often be dependent upon occupation)
- Reviewable or guaranteed premiums
- Additional benefits, if any
- Criteria to claim against (also often dependent upon occupation)
- Treatment of existing conditions and effect on premiums
- Deferment periods (depending on when sick pay from your employer ends or reduces)
Due to the complexity of these products, we always recommend you seek advice which is why you are not able to apply through our website for these policies.
Please call 03456 442 540 to speak with one of our Insurance Advisors who can talk through your options and make a recommendation, tailored to your individual circumstances.
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