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Anyone can get ill and it can prevent you from working. This is why it can be useful to have Income Protection insurance so that you can continue to receive a monthly income if anything like this happens.
When the policy pays out, you will receive a lump sum in monthly payments until you are able to return to work or retire. Before you receive your payments, for the deferred period you will be expected to use some of your savings, an employee sickness scheme or some other source of income to live off. This period can be defined upon taking out your policy; the shorter the deferred period, the higher your monthly premiums will be.
Each policyholder will have a different set of terms, no two people will be the same. As your Protection Advisor in Hull, we will work alongside you throughout the whole process. The first step is to try and find the right policy for you and set the correct specifications so that the terms fit your personal and financial situation.
We have dealt with customers that haven’t needed their policy, however, the risk of not having one can outweigh the costs of having one. If your situation changes and you don’t have a backup in place, you may struggle to compensate for the lost income. Feel free to contact our team in Hull for more advice on Income Protection or any other kind of insurance.
A large number of employers offer this as a part of their employee benefits package, therefore, some applicants may already have Income Protection insurance in place. This means that you will not have to take out another policy unless you switch to an employer that does not offer it.
People may opt to use their savings instead of taking out Income Protection. If you choose this option, you may need to think about how you’d be able to afford living costs if you were to get ill again.
If you would rather save your money and have a policy in place to provide the payments, Income Protection could be the best solution for you.
There are other alternative policies such as Critical Illness insurance, however, this tends to cover life-long diseases or disabilities that will put you out of work for life.
At Hullmoneyman, we offer every customer a free insurance review, no matter their situation. We will go through your personal and financial circumstances and check whether Income Protection is the right option for you. Factors such as your lifestyle, age and medical history can affect the monthly premiums that you will have to pay on your policy.
Income Protection insurance can be costly, and even more so if you choose for a short deferred period with your policy. If you have other Insurance policies in place, it could be beneficial to work out the total costs and what you are covered for.
Before taking out your policy, you should be aware of the specifics, when it pays out and the conditions that come with the policy. Your Protection Advisor in Hull will help with this.
Upon taking out any kind of insurance, you need to make sure that you are taking out the correct product.
There are a few types of Income Protection products to choose from, take a look and try to find yours:
This policy covers your accidents, out of the blue illnesses and redundancy. Life is full of surprises, and it can be beneficial to have your back covered just in case something happens.
Your policy will pay out in monthly tax-free lump sums to cover your lost income. The cover will begin when your deferred period ends. These payments typically last between 12-24 months. When you take out the policy, if it pays out, you are expected to return back to work.
When the policy pays out, you will be able to spend the money on whatever you want.
PPI covers your outgoings, loans, debt repayments, whereas, basic Income Protection is designed to cover your wider income. When you are unable to work, you are still contract bound into meeting these payments, therefore, it is important that you have a plan in place to cover the costs when you cannot.
You need to specify how long you want the policy to run for. Usually, they come in shorter terms.
If you want to take out an Income Protection policy that just covers your mortgage payments, then MPPI may be the right option for you. Rather than paying out your monthly wage, the amount that is paid out will match your mortgage repayments. In some cases, you may be allowed to borrow a little extra to cover extra bills and other small expenses.
MPPI will only pay out after your deferred period ends. The shorter your deferred period, the higher your monthly premiums will be, and vice versa. If you return to work, you will stop receiving the payments.
For Mortgage and Protection Advice in Hull, get in touch with our team today.
As a specialist Mortgage and Protection Advisor in Hull, we know how important it is to have the right policy in place that has the correct terms and specifications to fit your personal and financial circumstances.
We have been helping clients for over 20 years now. Our team is trained, knowledgeable and hardworking; trying to find that perfect policy for you is our number one priority.
Your dedicated advisor will be open and honest with you at all times, only recommending you a deal that benefits and suits your circumstances. From start to finish, they will be right by your side.
We have collected some excellent reviews! Take a look at what past customers have said about our service and their experience with us. Head over to our reviews page to find out more.
If you are thinking about taking out more than one insurance policy at one (menu plan), we can also help with that. Just get in touch with our team and find out more!
4.98 Rating611 Reviews
I had Matt helping me with my mortgage. Everyone in the business replied to me very quickly, answered all my questions, made everything less stressful, and I got my mortgage approved v fast.
Excellent service from Waynew Dewsbury, Luise Hepworth and the team. They found the best deal for me even after I had gone to the UK's largest organisation and they took care of me and my application every step of the way A++ service! Thank you!
Good service and lovely staff.
Received an email from Hullmoneyman regarding our mortgage coming to the end of its current fixed rate. We made an appointment and got a new rate fixed and agreed 4 months earlier than expected. In the current climate this is great as we've got...
Fabulous service, would definitely recommend as it just eases so much stress.
Helen was lovely and made me feel very at ease chatting about becoming a first time buyer and making an appointment. 5 star.
Helen was super helpful and lovely to speak to on my initial call today, she was happy to answer any questions I had and set up an appointment for me that worked around my schedule. .
As first time buyers, we needed a fair amount of assistance. Matt has been really helpful, transparent and attentive during the process. Highly recommend.
Fantastic service! From my first phone call with Matt I felt at ease and confident that he could handle my remortgage with no problems. His knowledge and efficency are spot on and all went through so quickly, including protection insurance. Thanks...
Amazing service from start to finish. Friendly, informative and helpful team who have guided me through the stages with professionalism and ease. I would and will be definitely recommending Hullmoneyman to friends and family. Thank you.
Absolutely fantastic service from start to finish credit to Anna / Matt hassle free
Hullmoneyman made sorting out our mortgage easy. Matthew and Daniel where brilliant with great communication, help and advice. We couldn't have asked for a more easy transaction. We would highly recommend this company. Many thanks
Wayne and Anna helped find the best deal available and progressed my remortgage quickly. They went above and beyond to ensure all aspects of the mortgage were understood before progressing. Highly recommend their services!
Third time using Hullmoneyman cannot recommend them enough. great service.
I spoke with Helen who helped arrange the initial appointment with an advisor for me. She was very friendly and warm, helpful and attentive, and also extremely empathetic and understanding towards the stresses of the housing buying process. Great...
Fantastic service on sorting my mortgage out. A very quick service and kept informed at every stage. 👏 👍
Amazing service. You feel so valued.
From my very initial phone call the team have been outstanding, they can’t do enough for you. Lee and Kerry have been amazing !! Nothings ever too much, prompt replies to any questions and made the process stress-free. 100% recommend. Thank...
The Hullmoneyman team are friendly, efficient and communicate regularly with updates. I would recommend this company without hesitation.
Got me out of a pinch when my bank reneged on my Decision in Principle. I was guided through the whole process with everything being explained simply and thoroughly, and they were and were always happy to answer any queries or questions....