Income Protection Guide
Our income protection cover protects you against the unfortunate possibility of loosing your income. If you are unfamiliar with income protection then read our guide below to learn all about our insurance product.
The sick pay you get from your employer, self-employed payments, pension disbursement you receive after your accident, payments from other insurance policy, and dividends from share, all qualify as monies to be deducted from your income insurance claim. Other insurance companies will propose to convert the benefits in other forms like a company car, housing, or a private medical insurance equivalent to the income you receive from work which is the basis of the benefits that will be paid out to you.
The most common sentiment by people who have made a claim on their insurance income is that their insurer refuses to pay them in full since part of their claim is enclosed in a payment protection policy to be part of other forms of payment like a bank loan or credit card payments. It would be wise to check out your other insurance policies before you decide on what kind of claim would you like to have on your income insurance.
What is Income Protection Insurance?
Income protection insurance protects you against the possibility of losing your income through redundancy or accident, illness or sickness.
How do I get Cover?
Cover can be obtained by telephoning our quote line or by using our online guote tool to get an instant quote.
Do I have to pay for a full year of cover upfront?
No you don’t have to pay for a full year as our income protection works on a rolling monthly basis which means that you only have to pay for one initial month of cover. If you want your insurance to continue then you just ckeep paying your income insurance premiums each month.
How long do I have to have been employed before I can make a claim?
As long as you are not under notification of redundancy at the time of taking out your cover then you only have to wait 14 days before you would be eligible to make a claim.
What is the maximum amount of cover that can be obtained?
The maximum amount of income that can be provided under our income protection policy is £1500 per month.
You must remember that all kinds of income insurance will not make a payment until you are unable to go to work for 4 to 6 weeks. A policy which will be able to pay you after 4 weeks of being off work will be costlier than the one that will make a payment after 6 weeks. So if you want a lower monthly premium, you might want to opt for a longer deferment period. If you’re worried about not having an income in case of an accident, find out how much sick pay you can get from your employer or if you can rely on your saving and other assets, before you decide on what kind of policy you’re going to opt for.
