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Income protection is a type of insurance policy that pays you a regular income if you can’t work because of an illness or disability and continues until you return to paid work or retire.
Income protection covers you for many types of illnesses and disabilities, but the expectation is that you can return to work eventually. In some cases, you will not be able to return to work, and in this case your insurance expires once you reach retirement age. Income Protection can pay out more than once, but there is a cap on how much you can receive based on your salary.
You must also provide a deferred period to your policy. This time is how long it will take for your policy to start paying. First, you must use your savings, a worker’s sick pay scheme or other income. Once the deferred period is over, the policy will start to pay. The shorter your deferred policy, the higher your premiums’ cost.
As a mortgage broker in London, we recommend the right policy for you and determine what specifications you will need for your Income Protection insurance policy.
We have also dealt with customers who have never had to claim their insurance. Ultimately, it is more important to have something in place in the event that your circumstances change. If you want to find out if Income Protection would be beneficial for yourself and your personal situation, contact us for a free insurance review in London.
At Londonmoneyman, we can offer all new / existing customers with a free Insurance review with one of our protection & mortgage advisors in London.
Income Protection can be expensive, as it can pay out numerous times. If you have additional Insurance policies in place, we recommend working out the total costs and what you are insured for.
When you take out your policy, make sure you know what it pays for and the conditions that come with it. Your protection advisor in London should help with this.
During your free appointment, our team will go through your personal and financial situation and see if Income Protection will be the best option for you. Factors like your lifestyle, age and medical history will be taken into review so that we can work out the most suitable policy.
You can already have Income Protection Insurance in place. Many employers do not need to take out a separate insurance policy because they offer this as part of the employee benefit program. Your employment contract should contain details of all your company’s insurance policies.
If you already own another type of insurance policy, like Critical Illness cover, which focuses on illnesses and disabilities that will prevent you from working again, you might not need income protection. But there’s no harm getting your current covers reviewed to see if there anymore that you need in the near future.
We find as an insurance and mortgage broker in London, that people may rather save money on Income Protection Insurance and use their savings instead. If you prefer to use your savings, you must determine if you can cover your cost of living for the time you need.
Look at it in this perspective, what happens if you need more time off in another emergency? Do you have additional savings to cover the costs?
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2 years ago
Income protection insurance is designed so it can pay you a monthly income if you are unable to work for any reason. Previously known under the name Permanent Health Insurance (PHI), it can come in two variants, either with a monthly amount that pays until you can work again, or a short-term version that pays only for a limited period per claim.
At the point where you become unable to work due to illness or disability, you will receive lump sum payments from income protection insurance in London, to help cover things like your mortgage payments when you have become unable to earn the income to cover it.
There may be a postponement period after a claim, where the provider will hold off if your employer may offer you sick pay for a certain period, although this period can be determined when you set up your policy. A shorter deferral period usually means higher costs.
Discuss possible relevant insurances you want to take with a dedicated protection advisor in London or listen to our recommendations. Your protection adviser in London will run through your health background with you, collecting some initial information to make a verdict.
We will meet your available monthly budget and create a tailor-made plan that surrounds your current personal and financial situation. Our team can search through 1000s of insurance products to find the most suitable, to protect you and your family.
Once we have found the right product for you and you are happy to continue, we will submit your application to the provider. Occasionally, the policy provider may return to us for further information before they will consider accepting the application.
If you have also taken out your mortgage with us, we will contact you again at the time of the remortgage. We will also take this time to look at any policies you have in place. The circumstances change and the policies you took out at the beginning of your mortgage may no longer be suitable for you at the time of your remortgage.
We offer all new / existing customers a free, protection review where we’ll have a look at any existing policies you have in place and assess their suitability.
We will then recommend which products, like critical illness income protection or/ and life insurance, meet your needs. If necessary, we will adapt the plan to your monthly budget available.
Your Protection advisor in London will always provide clear and transparent mortgage advice in London. From start to finish, they will work for you and try to find you the most suitable deal based on your personal and financial situation.
We have over 20 years of experience in the mortgage and protection sector. We helped many customers take out Income Protection products in the past and could help you next!
Our Mortgage and protection advisors in London want to ensure you are protected and have the correct policy that will give you financial help when needed most.
This type of Income Protection has you covered for surprises that come out of the blue. In life, you may face accidents, illnesses and redundancy. All these factors will have an impact on your income.
This protection pays off when you get sick, have an accident or are laid off. You will receive tax-free monthly lump sums that will compensate for your lost income. These payments last about 12 or 24 months. With this policy, you should return to work.
If the policy is paid, you can spend money on anything you want.
This type of income protection covers existing monthly debt repayments like loans, mortgages and credit cards you cannot repay. It pays when you cannot work.
When you take out the policy, you need to specify how long you want the policy to pay. Normally, these types of policies are short-term.
If you are unable to work and fail to keep up to date with your mortgage payments, this MPPI covers costs. Rather than paying your entire monthly wage, it is usually used to cover your mortgage payments. Sometimes you can get a little more per month to cover bills and other small expenses.
Typically, your mortgage payment protection insurance will only pay for up to 12 months or when you can resume work. When you return to work, you will stop receiving payments.
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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