What is Income Protection Insurance?
Income Protection ensures financial security if you’re unable to work due to illness or injury. You pay a monthly premium, and if sidelined by health issues, you receive tax-free payments until you can work again or reach retirement, covering essential outgoings and maintaining your standard of living.
- Insure up to 70% of your income tax free
- Make as many claims as you need to
Do I Need Income Protection Insurance?
It’s vital for anyone reliant on their earnings to meet daily expenses. A staggering 31% of UK adults have had their working lives disrupted by health issues or family bereavements. Income Protection helps mitigate the financial strain during such critical times.
SSP provides just £116.75 per week and is payable for up to 28 weeks by employers. Given its limited duration and amount, it’s hardly enough to cover regular outgoings, making Income Protection a crucial safeguard.
~ Tom, Cover Direct
How Long Does Income Protection Insurance Take to Payout?
Payments typically commence after a deferred period, chosen based on your existing sick pay arrangements. This waiting period helps lower your premiums.
- Desired monthly payout.
- The waiting period before benefits start.
- Your job.
- Age and health status.
Common questions about Income Protection
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Every day people are making life changing decisions.
A young customer, in her early twenties, living with her mother and without children, faced the reality of minimal sick pay from her job as a marketing manager earning £30k annually.
Aware of the need to safeguard her earnings and savings, especially for future life events like homeownership, she opted for Income Protection. Understanding that being signed off work due to illness could jeopardise her financial plans, she embraced the policy.
Just six days after activating her income protection, she experienced an unexpected fainting incident on the London underground, resulting in hospitalisation and a diagnosis of fatigue, exhaustion, and vitamin D deficiency. Despite the distressing news, knowing she had the right cover in place provided a sense of reassurance.
Every day people are making life changing decisions.
A customer, aged 58, suffered a stroke four years ago, leaving him with residual effects such as loss of function in his right arm and leg.
Additionally, he was diagnosed as borderline diabetic with elevated blood pressure, cholesterol, and a high BMI. His family history, including his sister’s stroke at 58 and his brother’s benign brain tumour at 54, made it challenging to secure insurance from the broader market.
Despite numerous attempts by brokers over the years, only The Exeter was willing to consider his case. Finally, he obtained life insurance, bringing him immense relief. We plan to review his coverage annually to seek better rates.
Every day people are making life changing decisions.
A client faced challenges securing insurance due to his occupation as a pilot, limiting options to only three providers, one of which offered coverage at a high cost and required further medical underwriting due to his extensive flying hours.
However, as a whole-of-market provider, we successfully obtained coverage for him without additional underwriting, and at a significantly lower cost than previously quoted by other brokers.
