Income Protection Insurance is designed to pay out a monthly benefit for people who are unable to work due to illness or accident. The applicant can decide along with the help of their Advisor how much cover to take out. Also how long they are prepared to wait before they are entitled to put a claim in.
In terms of costs, Income Protection Insurance can be a lot more compared to the price of life cover. As you are far more likely to be unable to work due to illness than die. The monthly benefit continues to be paid out until you return to work unless you have selected the “Budget” version of the policy. This typically only pays out for 24 months but is much cheaper.
The big advantage of Income Protection Insurance is that unlike Critical Illness Cover it pays out for whatever is preventing you from working. Unlike Critical Illness which is just a list of specified illnesses.
This type of policy is very popular amongst the self-employed as well as employed applicants who do not benefit from generous Employer sick pay schemes.
We always aim for every customer to gain an equal opportunity to take insurance out through ourselves. We wouldn’t be doing our job right if we didn’t mention it!
Our Mortgage Advisors in Hull will offer all of our customers a free, no-obligation protection review. In this review, we’ll have a look at any existing policies you have in place and assess their suitability. We’ll then recommend which products, including critical illness and income protection that meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.
To receive a Free Initial Consultation from our amazing advisors, get in touch here. If you are looking for expert Mortgage Advice in Hull.