What is income protection?
Income protection insurance covers your finances when you are unable to work because of a sudden illness or accidental injury.
It can be understood as a type of salary protection for a source of income until you are well enough to return to work or retire.
To avoid confusion between income protection insurance and critical illness cover, the primary distinction is that vital illness provides cover should you develop an unfortunate severe or life-threatening illness.
Moreover, instead of monthly pay-outs that occurs in the case of income protection insurance, a critical illness cover pays out as a lump sum.
How to find the best income protection insurance?
The best income protection cover becomes so if it is covering for you with an amount enough to fulfill all your needs when you are not working.
It also depends on the length of time you want the coverage for along with the cheapest monthly premiums.
Customers are advised to compare different income protection insurance available in the UK from as many companies as possible.
As you collect different quotes from different insurers, you are in a better position to choose which cover you require.
While filling out the income protection insurance application, you must remain transparent about your past and present circumstances and write down accurate information.
Factors that affect the term of your income protection policy are age, the term of the policy, total cover, employment status, current health, lifestyle, occupation, sick pays, and other entitlements.
Long term or short-term income protection?
For a more budget-friendly option, short term income protection is the best choice. The maximum length often happens to be two years.
On the other hand, traditional long-term insurance continues to cover the claim until the policy’s term-end. This is perfect if you are unable to get back to work.
Make a wise decision by comparing the quotes given by different insurers and the one that suits your needs effectively.
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