Income protection insurance - What you need to know
If you opt for all three elements of an income protection insurance policy (Illness - sick and unable to work, Accident - had an accident leaving you unable to work or Unemployment - become unemployed) it'll be there to help pay your bills so that you can maintain your standard of living while you're not able to work.
By paying a monthly premium, if any of those circumstances happen, your income protection policy will kick in to allow you to cover your bills, such as:
- Monthly mortgage or rent
- Loan and credit card payments
- Utilities, TV license etc.
Long-term or short-term?
We compare two different types of income protection, long-term and short-term. You can pick which you'd prefer during your quote, but what's the difference?
- Long-term - these policies tend to carry on until either you're able to go back to work, or you retire and give you a tax-free regular income
- Short-term - typically, these policies will only pay out for up to 12 months, as opposed to until you're fit to return to work, or retire (i.e. a long term policy)
While your policy is paying you a regular amount of money, depending on who your policy is with, you could still able to claim sick pay and any other benefits you're entitled to.
Customise your quote
As well as picking between long-term and short-term income protection policies, you can also tailor your quote to your needs, defining things like:
- How long you want the cover to pay for
- How much cover you want, depending on who your policy is with, this could be as much as £15,000
- The circumstances you want to cover to protect your bills, lifestyle, income and mortgage
To go ahead and get a quote, click the 'Get a quote button'.