Income Protection

Health insurance in the UK – what to start with?

What is the best way to protect your income from accident and illness?

Have you ever thought how your life would look like financial if you were unable to work for a few weeks, months or even years?

Every working person should consider this type of insurance as it guarantees a steady income (tax free) in case of an illness, an accident, injury or any condition that makes you unable to work. Income protection is especially recommended to the self-employed and those whose employer does not provide them with any sick pay. Thanks to that policy you have financial protection and regular payments even when you are unable to work for a few years.

Type of Insurance Income Protection allows you to have financial protection when you are unable to work in your normal job because of injury, accident, or ill health. Income protection payment are paid every month after confirming a specific condition by the doctor. The most frequent payments are paid as a result of: bone fractures, spine problems, depression, circulatory system illnesses, cancer and accidents (at work or at home).

This type of policy is very flexible and it is important to customise your individual needs to the following factors:

Type of incapacity- insurance companies define incapacity in various ways so it is important to chose an offer that guarantees come back to your currently performed occupation- “own occupation”. If this option is missing, during a long incapacity to work, the insurer may ask the insured to retrain and will limit the payments of the illness insurance (for example. A driver after a knee fracture and physiotherapy being still unable to work in his own occupation may be asked to look for work as in office administration).

Deferred Period) – that is the first period of time since the accident or the beginning of illness that will not count to payout by the insurer, in general it lasts 4 weeks. It can be changed to 1 week, 3 months, 6 months or even 12 months. Those employed usually have some sick pay paid for 3 months so they can decide that the deferred period would be 3 months. Those who are self- employed chose 1-week or 4-week deferred period.

Maximum Benefit – depends on your income and may be up to 60% of your income.

Pay-out Term - depending on the insurance company, the maximum pay out term whilst one is unable to work may be 1 year, 2 years, 5 years or continue throughout the term of the policy

Income protection is one of the most complex insurance products and one of the most necessary for each working person in the UK. Our professional assistance will help you make a conscious choice of the best and most beneficial option for you from a wide panel of the most renowned and tested insurance companies we have in our proposition.

What is the income protection policy cost?