Help yourself get back on track with income protection insurance
Income protection insurance is designed to provide financial assistance in case you are unable to work due to an injury or illness. This type of policy typically covers a portion of your income, often up to 70%. While the support may not cover the full amount, it can still offer valuable assistance in both the short and long run.
If you are still unsure about whether you require income protection cover, there are several crucial factors that you should take into account, as outlined below:
Is there a specific duration for the long-term sick pay offered by your employer, if applicable?
Do you possess sufficient savings to financially support yourself and any dependents in the event that you are unable to work?
If you were eligible for government benefits, would the income you receive be adequate to maintain your current standard of living?
Regardless of your age or current health status, it is crucial to have a contingency plan in case you are unable to work. Income protection serves this purpose, and our team of insurance brokers is available to assist you in obtaining the most suitable coverage for your specific requirements.
This document serves as a brief overview. A comprehensive policy document will be issued to you upon completion of the application process. The policy will outline the terms, conditions, and restrictions of the coverage offered within the plan.
Version 1: The cost of income protection insurance premiums is determined by the specific coverage you desire, your overall health, and your occupation. If you are a smoker and engage in physically demanding work, such as heavy manual labor, your monthly premiums are likely to be higher compared to a non-smoker who works in an office setting. However, this does not imply that it is unaffordable.
At the moment, we do not have any partnerships with providers that offer redundancy coverage.
Critical illness cover functions by providing a lump sum payment in the event that you are diagnosed with a serious illness that is covered by your policy. This payment is intended to alleviate any financial concerns you may have, allowing you to concentrate on your well-being.
On the other hand, income protection insurance can assist in easing financial burdens during periods when you are unable to work. Rather than a one-time payout, it offers a regular income for a specified duration and covers a broader range of illnesses and injuries.
Ideally, having both critical illness and income protection cover would provide the utmost peace of mind. However, it is important to consider your individual needs and circumstances, as this combination may not be suitable for everyone. Our team is here to assist you in determining the most appropriate coverage for your specific situation.
Life insurance and income protection offer financial security in case of illness or inability to work. However, the coverage and financial assistance they provide differ significantly, making it crucial to understand the distinction.
Life insurance pays a lump sum to beneficiaries upon the policyholder’s death, based on the coverage type. This sum is intended to help clear debts like mortgages or cover daily expenses.
Income protection, on the other hand, provides monthly payments to replace lost income due to inability to work. The coverage can last until the policyholder is able to return to work, retires, or passes away.
It is important to have both life insurance and income protection, but the suitability varies depending on individual needs. Our life insurance brokers can tailor a policy to fit your specific requirements.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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