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Hello and welcome to Income Protection Expert, the home of independent, unbiased Income Protection information. If you are considering taking income Protection, please take a minute to read our guide...

Income Protection Expert

We at Income Protection Expert are great fans of income protection, as it simply provides the most comprehensive financial protection against illness that exists. However, you must be aware that it is a complex product and you need to do two important things to ensure you get genuine protection and the lowest available premium. Doing this without professional advice is virtually impossible.

The guide below provides a basic outline of everything that you need to know when taking out an income protection policy. If you want more detail then just click the “More Information” link in each section of the guide and you can go through each of the important topics in greater detail.

It is essential to note that the information contained on this site is NOT a substitute for qualified financial advice and we strongly recommend that you speak to an income protection expert BEFORE taking out this type of policy.

  • Select the best policy for your specific work activities.
  • Set up all of the policy options to match your circumstances.

Please note that a number of the policies shown cannot be taken direct with the insurer, as they insist that they are taken out through a suitably qualified adviser, to avoid mistakes.

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So what is Income Protection and Does it pay out?
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.

What is Income Protection?

In the simplest terms, when arranged correctly, full income protection cover is a policy that will pay you a regular income (up to 88% of your take-home pay*) if you are physically unable to work, all the way through to your retirement age. It is the most comprehensive illness and accident insurance that is available and in comparison to critical illness cover, around half of successful income protection claims would not qualify as a critical illness and not be paid out
under that.
* Depending on your tax and NI rate

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Does it pay out?

The acid test of any insurance policy is whether it pays out in the event of a claim. The public perception is that these types of policies only pay out around 50% of claims. While this is likely to be closer to the truth for the discredited PPI type policies, Income Protection policies pay out a much greater percentage of claims and the chart below shows that true Income Protection cover pays out around 9 in 10 claims overall. These figures also include policies not on an Own Occupation basis for most insurers, which will have a lower pay-out rate and negative impact on the overall figures.

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Do I need Income protection & what are the policy options?
To make sure that you’re properly protected against the worst of rainy days and ensure that you avoid the potential pitfalls and don’t pay over the odds for your policy.

Do I need income protection?

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. If being unable to work for a prolonged period of time would cause you Major financial problems then you should seriously consider taking out income protection.

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Policy Options

The major choices that you have to make when taking out a policy are shown below, and each of these options can have a significant effect on whether the policy will properly protect you and remain affordable.

  • Amount of cover – monthly pay-out if unable to work
  • Deferred period – delay from not working to payments starting
  • Premium type – fixed, potentially increasing or certain to increase
  • Maximum length of pay-out – to policy end or fixed length

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How to get protected?
When considering whether to take out income protection you should carefully consider both the risks of being unable to work and also the likely consequences if that happened.

How to Get Protected?

To make sure that you’re properly protected against the worst of rainy days and ensure that you avoid the potential pitfalls and don’t pay over the odds for your policy, simply follow the process shown below.

  • Know your income and essential expenditure
  • Find out the length of your sick pay entitlement
  • Work out how long your savings would last if you have no income
  • Read our Income Protection guide

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About IPE approved advisers

All of the advisers that have been approved for our panel have been carefully vetted and have signed up to our Adviser Charter, which means:

  • No pressure guarantee – never use any pressure selling
  • Expert knowledge of income protection products
  • Access to a full range of income protection providers
  • Recommendations will be offered in writing
  • Offer advice on life or critical illness insurance if needed

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