Income Protection Advice in Hull

Income Protection Insurance Advice Hull

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.

Do I need Income Protection 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.

Speak to an Income Protection Advisor in Hull

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.