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Income Protection Insurance

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Income protection insurance is designed to provide financial support if you were to fall ill and not be able to work.

Taking out income protection cover can provide you with peace of mind that you and your family will not suffer financially, should something unfortunate happen to affect your income.

If you fell ill, could you afford to pay the bills?

If yourself or your partner were to fall ill and had to take a prolonged period off work, how would you cope financially? Could you still continue to pay the bills and cover living expenses with just one income? Perhaps you do not have a partner and you are worried you will be in financial trouble, should you fall ill.

It is important to consider income protection insurance as a way to cover yourself if you need to take time off work to recover from injury or illness. Income protection is also known as permanent health insurance, and can provide an income for your household if you are unable to work. Income protection insurance will usually cover a percentage of your income; it can range from 50%-70% depending on the provider.

You can choose from different income protection insurance cover, including long-term and budget. Long-term income protection will ensure that you receive a regular income if you become ill, and will pay a percentage of your gross wage until retirement age. Budget income protection will usually only pay out for one or two years, and are usually used to cover daily costs.

What are the benefits of income protection insurance?

There are both short-term and long-term types of income protection insurance, meaning you are able to choose the right policy that meets your needs. Income protection will usually pay out until your return to work or retirement, while short-term income protection can last for a shorter amount of time.

When income protection insurance pays out, the lump sum can be used for whatever you with and will provide a regular income for you and your family. You are able to claim as many times as is necessary while the policy is still active.

Income protection insurance will cover most illnesses that mean you cannot work, but it is always important to check your policy summary. If you cannot get by on your sick pay from work, income protection insurance can help you cover bills and living costs while you are ill.

Payments from income protection cover are made free from income tax.

Do I need income protection insurance?

Income protection insurance is beneficial if you do not have additional savings to support yourself, should you have to take time off work for illness. It may also benefit you if you have a family to support who would struggle without your income.

If illness would affect your ability to pay your bills, you should consider taking out income protection insurance cover. It is important to note that income protection insurance is not the same as critical illness cover.

If you would like additional advice or guidance on whether income protection insurance is worth it for you, our UK advisors can offer extensive industry knowledge and specialist support to help you understand how the different policies work.

What illness does income protection cover?

Income protection insurance can cover a broader definition of illness than critical illness cover. In some cases, you may have to be signed off by your GP as unfit to work.

Some income protection insurance may not cover pre-existing medical conditions. Your family medical history can be an important factor when choosing the right policy, so it is important to take the time to understand the different income protection policies available to you.

At Caspian Insurance, we offer a free trust service to deliver specialist support for a clear understanding of your policy. What is more, we will ease the underwriting process for you in order to compare a wide range of insurers, with your best interests in mind.

How to claim income protection insurance

You are able to claim multiple times on your income protection cover, but there is no cash-in value at any point. There is usually a delay between claiming and receiving payments; the longer this delay, the lower your monthly premiums will be. Many people choose to delay payments until their sick pay from work has ended.

If you think you need to claim on your income protection cover, you can contact your insurer who will talk you through the next steps of your claim. You will likely need to provide them with your details, including your policy number and your reason for claiming.

You will likely need to complete a claim’s form with evidence of why you are off work, such as a medical report, as well as proof of income. If your claim is accepted, you will be paid an income and your provider may stay in touch to check on your recovery.

 

Please note that the descriptions above do not constitute as financial advice and may change dependent on individual circumstances and budgetary requirements. For a quick and easy comparison, get in touch on 0161 241 6146 and one of our friendly advisors will be able to help.

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With a custom-made policy, you will be confident in the knowledge that your loved ones will be taken care of in the worst-case scenario.

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Receive specialist support and guidance via our free trust service for a clear understanding of how different policies work.

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We do the hard work for you to ease the underwriting process and compare a wide range of insurers in line with your best interests.

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