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Find the right income protection insurance for you
It’s impossible know what’s round the corner, but one thing’s for sure – the bills keep rolling in, even when we’re not earning due to a bad illness or injury. Income protection insurance pays you a regular “income”, making it easier to keep on top of your bills when you can’t work. Quotezone’s comparison tool can find you the best income protection insurance quotes.
Is permanent health insurance the same as income protection insurance?
Yes – these both offer a regular payment when you unexpectedly find yourself unable to work, allowing you to keep up with your financial commitments. This type of insurance not only avoids the escalation of debt, it also gives you peace of mind whilst you recover from your illness or injury.
Will income protection insurance pay me the same as my salary?
No – depending on the policy, you can expect to receive between half and two-thirds of your normal pre-tax salary or income.
How quickly will income insurance start paying me?
You won’t start receiving money instantly and will usually have to wait at least four weeks from the time you stopped working.
Claims don’t have to be made as soon as you stop working though – in fact, you can wait up to two years from that date. You may not actually enter financial difficulties until later on, thanks to statutory or employee benefits, or your own savings.
What does an income protection policy cover?
This type of insurance will cover a portion of your normal earnings if you become unable to work due to an illness, injury or a disability. It doesn’t cover termination of employment or redundancy in most standard policies.
Can I get income protection insurance if I’m self-employed?
Yes – a number of insurance companies will cover self-employed individuals. It’s important that you specify that you’re self employed during the application process.
The terms may be a little different and the fluctuating nature of your annual income will be taken into account when a monthly payment is calculated, should you find yourself unable to work.
Is there cheap income protection insurance?
When you compare income protection insurance you’ll find that on average, you’ll pay between £50 -£80 a month, but for lower salaries you can find policies starting from £40 a month.
How long will income protection insurance last once I’m unable to work?
Generally, there is a two year term, but some policies will only offer payments for 12 months.
Is it really worth getting income protection insurance?
With cheap income insurance available it’s a good idea to protect your financial position. It’s especially important if you have a mortgage to pay and family members who rely on you.
If you’re ready to protect your finances, compare income protection insurance now.