Income protection is a great financial product to invest in. With flexible cover options, deferment availability and income support in addition to sick pay – you can take time off from work without having to worry about financial commitments.
Importance of income protection in an individual’s life
Income protection insurance is a product like critical illness cover that can be brought alongside or separately to life insurance. It provides financial support for time off work for surprisingly cheap monthly premiums, which is why we think it is such a great cover to have, especially if you are self-employed. When you become too sick to work, due to an accident or illness you will receive the government’s wage subsidy known as Statutory Sick Pay. SSP will pay you £92.05 per week for a total of 28 weeks and no more.
While income protection has flexible cover periods of; 2 years; 5 years or; until retirement. Income protection insurance will pay 65% of your wage per month for however long you set your cover period and you can claim again in six months or reopen the policy cover in relation to the first incident. The amount of income protection insurance is not 100% of your monthly wages because it is tax-free.
Best income protection providers in the UK
The advantages of using an advised service over a price comparison site include:
- Professional advice from industry experts who understand the best product policy terms and cover options.
- Less responsibility for an ill purchased product that does not pay out or meet your cover terms.
Some of the insurance providers that we consider offer the best income protection insurance policies are; LV (Liverpool Victoria); The Exeter; Legal and General; Royal London; Aviva; AIG Life; Vitality Life.
You may recognize these companies as predominantly life insurance providers but they do offer other forms of insurance.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00