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Income Protection Insurance

Range of Benefits

  • Pays out when physically unable to work
  • Pays outs of up to 70% your normal salary
  • Freedom to design cover for maximum reward
  • Financial Safety net for covered individual
  • Can cover most types of income & benefits
  • Vastly Superior to PPI/MPPI

Income protection in essence is an insurance policy that provides sick-pay, up to 70% of your normal income, in the event that you are unable to work to an accident or illness. However, unlike most people’s sick pay, there is the freedom to design the cover to exactly match your requirements and the pay-out term can run up until your planned retirement age.

It is important to be covered in the event of an un-forseen illness or injury. A young adult retiring at the age of 70 will have a near 50% chance of not being able to work for 2 months or more during their working life, why gamble?

Strange to think then that in 2013, only seven per cent of working adults have income protection, in fact, more people in the UK have pet insurance than have income protection!

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Additional Information

It is extremely important that income protection is not confused with the dreaded PPI/MPPI. These types of policy offer vastly inferior protection to income protection and we would in no way recommend or approve these short term insurances. The table below shows a more detailed comparison of income protection verses PPI and related products.

Income protection   PPI / MPPI etc. 
Most occupations can be covered on an own occupation basis , offering the best protection Definition of incapacity  These policies typically use The suited occupation definition and are therefore harder to claim on 
Policies are available that will pay out until the end of the policy term, covering all claim durations  Length of pay-out  Typically have a maximum claim period of up to 12 months when the average income protection claim is seven years 
For the vast majority of occupations it is possible to take a policy with fixed premiums For the full term  Fixed premiums The premiums are reviewable and can therefore be increased at any point by the insurance company 
All policies are medically underwritten before they start so you know exactly what you will and won't be covered for  Medical background  It is normal for these policies to exclude any pre-existing medical conditions, though this may only be obvious in the event of a claim 
Policies are available that have no standard exclusions in the small print , therefore offering the best possible cover  Standard exclusions Standard exclusions are often applied to certain common claims , such as back conditions and stress related illness 

Do I need it

When deciding whether you need income protection it is worth considering the way the human brain is programmed as it has a significant ‘optimism bias’, which explains behaviours such as people gambling or even walking toward machine guns in World War 1, as in both examples they genuinely believe they would be the lucky ones, despite strong evidence to the contrary. The reality is surprising.

  • 10% chance of being unable to work for more than six months
  • Average income protection claim is over seven years
  • Maximum government sickness benefit around £100 per week
  • How long could you really live off your savings?
  • Could a family member cover your outgoings indefinitely?
  • Which? magazine recommends every working adult should consider income protection.
  • More houses repossessed due to illness than from unemployment

Find out more

To find out more about different types of Income Protection insurance and whether you need to be covered, check out these pages:

Or fill out the form on this page to have a chat with an expert today

Chat with an expert now!

Be put in contact with one of the UK’s best income protection advisers

Speak to one of our friendly income protection experts now to find out more independent,
unbiased Income Protection information.

click here to chat with an income protection expert now

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