Income Protection Insurance
If you were suddenly incapacitated and unable to work tomorrow, and your household would not be able to survive on savings, or from statutory sick pay from work, then you might want to consider income protection insurance.
What is Income Protection Insurance?
Income protection insurance is a long-term policy that would pay out a regular income if you are unable to work due to illness or injury. It usually lasts until you are able to return to work, or if you retire, or die, or come to the end of the policy term, whichever is sooner. It’s not the same as critical illness insurance, which pays out a lump sum if you get a specific serious illness.
When Would You Need Income Protection?
According to the ABI, over a million workers a year find themselves in need of income protection insurance. You are most likely to need it if you are self-employed or if your employer has no sick pay provision. Whether or not you have dependents and a mortgage, if you find yourself unable to pay the bills due to illness or injury, you will need income protection.
Let Us Work It Out for You
We’re dealing with the insurances and mortgages markets every day, and know exactly when new products or new incentives become available. All this, balanced with our 20 years’ knowledge and experience as independent advisors, means we’re in a strong position to find you the best option to suit your needs.
Pay Attention to What It Covers
Some policies cover more than others, and which you choose will reflect your anticipated needs. There may be variances between providers over their definition of incapacity, and what illness or injuries they might cover.
Income protection insurance payouts are usually based on 50% to 70% of your earnings, and payments are tax-free. Generally, income protection policies pay out after a pre-agreed period has passed – this can range from anywhere between 1 to 12 months.
Taking Care of Your Circumstances
The Mortgage Centres are fully committed to providing a professional service and the best life assurance options to all applicants who come through our door. We make an effort to get to know you and understand your needs, worries and plans. With offices all over the East Anglia region, we’re perfectly placed to work out the best protection to suit your mortgage, your loan and your situation.
Calculators
These calculators are great for getting a quick guide, but if you want a completely accurate assessment then you should talk to one of our professional advisors.
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Contact Us
Feel free to call us at any time to speak to a friendly, professional adviser. Or alternatively, visit a nearby branch to talk to an expert.
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Phil Scott
Director
About the author
Phil has worked in the financial services industry since 1992, having started with a large insurance company. He went self employed in 1996 as an Independent Financial Adviser before setting up his first company, Needham Market Home Financial in 1999.
After four years, he decided to concentrate solely on mortgages and related insurances, and The Mortgage Centres was born. Since then, Phil has been influential in the opening of several new offices as the business continues to grow.
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