Defining Income Protection
Income protection plan insures your hard-earned income. If there is a tragedy or an illness due to which you are not able to work, the insurance will pay a benefit to you. This is when you are unable to work for a couple of weeks due to an illness or an injury.
There are millions of people in the UK who are unable to work during a pandemic or a sudden tragedy in their home. The income protection insurance UK helps in replacing a part of your earnings.
How Does It Work in the UK?
When you opt for income protection, you would be choosing between inflation-linked cover and level cover. In level cover, the final payout and the monthly premiums will be fixed. In the other one, your premiums and payout increases as per the inflation each year.
In case you have a back-up plan and do not need a replacement income, you can skip opting for income protection. However, we recommend it to self-employed and salaried officials. It is better to plan ahead of time!
The insurance will pay out till you start working again. Additionally, the plan will cover most illnesses. You can also claim the income protection as many times as you want. This is only possible till the policy is running. In a nutshell, we recommend everyone to opt for the income protection insurance UK. Emergencies may knock your door anytime! If the employers are not giving you a sick pay leave, this is the best plan for you to cover up medical and emergency costs while you are on a leave.
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