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Income Protection Insurance

Income Protection Insurance safeguards your income, providing financial stability during periods of illness or injury.

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What is Income Protection Insurance?

Income Protection Insurance is designed to provide you with a regular, tax-free income if you are unable to work due to illness or injury.

This type of insurance is essential for anyone who relies on their income to cover living expenses and maintain their standard of living.

Income Protection Insurance ensures that you receive a steady payout over a specified period, helping you manage your finances while you focus on recovery.

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How does Income Protection Insurance work?

Income Protection Insurance provides financial support if you are unable to work due to illness or injury. The length of your policy term and the conditions under which payouts are made will be specified when taking out the product.

With Income Protection Insurance, you will receive a regular income for a set period while you are unable to work.

Income Protection Insurance ensures that you can manage your finances and living expenses, offering peace of mind and stability during a challenging period.

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How much does Income Protection Insurance cost?

The cost of Income Protection Insurance can vary depending on several factors, as is the case with any type of insurance.

Factors such as the length of your term, current health, lifestyle, age, and medical history can influence the cost of Income Protection Insurance.

Our mortgage and protection advisors are ready to assist you in finding Income Protection Insurance that best suits your personal and financial circumstances.

You can speak with a mortgage and protection advisor for free by booking an appointment via the link below. We can discuss your needs and determine how much Income Protection Insurance will cost you.

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Income Protection Insurance FAQs

Is it worth getting Income Protection Insurance?

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Income Protection Insurance is worth considering because it ensures you continue to receive an income if you fall ill or become injured and are unable to work.

This type of insurance can be particularly beneficial if you rely on your income to maintain your standard of living and cover essential expenses.

With Income Protection, you receive a regular payout, typically a percentage of your salary, which helps alleviate financial stress during periods of illness or injury. It offers peace of mind, knowing you have a safety net in place to protect your financial stability.

What does Income Protection Insurance cover?

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What Income Protection Insurance covers can vary, but generally includes:

  • Illness or injury – Coverage for a wide range of medical conditions that prevent you from working.
  • Rehabilitation support – Assistance to help you return to work when you are able.
  • Partial disability – Benefits if you can only return to work in a reduced capacity.

It is essential to review the terms of your policy to understand the full extent of the coverage and any exclusions that may apply.

 

Does Income Protection Insurance pay out if you lose your job?

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Income Protection Insurance will not pay out if you quit or lose your job.

Income Protection Insurance is specifically designed to provide financial support if you are unable to work due to illness or injury, rather than covering unemployment or job loss due to redundancy.

Does Income Protection Insurance pay out on death?

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No, Income Protection Insurance only pays out when you are unable to work due to illness or injury, not if you pass away.

If you are looking for a policy that pays out when you pass away, we would recommend Life Insurance.

What illnesses does Income Protection Insurance cover?

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Here are some examples of illnesses commonly covered by Income Protection Insurance:

  • Cancer, including treatment and recovery periods
  • Heart conditions, such as heart attacks, angina, and heart surgery recovery
  • Mental health conditions, including depression, anxiety, and stress-related disorders
  • Neurological disorders, such as multiple sclerosis, Parkinson’s disease, and epilepsy
  • Respiratory conditions, including asthma, chronic obstructive pulmonary disease (COPD), and severe pneumonia
  • Musculoskeletal disorders, such as back pain, spinal issues, and repetitive strain injuries
  • Stroke and its recovery period
  • Chronic illnesses, such as diabetes, arthritis, and chronic pain conditions
  • Gastrointestinal disorders, including Crohn’s disease, irritable bowel syndrome (IBS), and severe ulcers
  • Infectious diseases, such as severe cases of flu, COVID-19, and other viral or bacterial infections
  • Autoimmune diseases, including lupus, rheumatoid arthritis, and other autoimmune disorders
  • Kidney disease, such as recovery from dialysis and kidney-related treatments
  • Liver disease, including recovery from hepatitis, cirrhosis, or liver surgery

What injuries does Income Protection Insurance cover?

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Here are some examples of injuries commonly covered by Income Protection Insurance:

  • Fractures, including broken bones and recovery periods
  • Sprains and strains, such as severe ankle sprains or muscle strains
  • Back injuries, including slipped discs and spinal injuries
  • Head injuries, such as concussions and traumatic brain injuries
  • Burns, including severe burns requiring extensive treatment and recovery
  • Joint injuries, such as dislocated shoulders or knee injuries
  • Repetitive strain injuries, including carpal tunnel syndrome and tendonitis
  • Severe cuts and lacerations that require significant healing time
  • Whiplash and other neck injuries
  • Eye injuries, including severe damage that impairs vision
  • Hearing loss due to accidents or trauma
  • Internal injuries, such as those resulting from accidents or blunt-force trauma
  • Occupational injuries, including those sustained while performing job duties
  • Injuries requiring surgery, including pre-and-post-surgical recovery periods

I want to take out an Income Protection Policy, where do I start?

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If you’re looking to take out an Income Protection Policy, start by assessing your financial needs. Determine how much income you would need to cover essential expenses if you couldn’t work.

Speaking to a financial advisor can provide valuable personalised advice. They can guide you through the options and help you choose the best policy.

Once they’ve found the perfect policy for you, you will undergo the application process. This may include health checks, completing forms, and providing any necessary documentation. Once approved, review the policy details carefully to ensure it meets your needs and provides the coverage you expect. Regularly review your policy to ensure it continues to suit your circumstances as they change over time.

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From speaking to us for the first time to completing your mortgage journey, we will be right by your side!

More Income Protection Insurance FAQs

Is stress covered under Income Protection Insurance?

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Yes, stress can be covered under Income Protection Insurance, depending on the policy terms and conditions.

Many Income Protection policies provide coverage for mental health conditions, including stress, if it prevents you from working.

Why do people take out Income Protection Insurance?

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Income Protection Insurance provides financial security, peace of mind, and support for your dependents. It protects your standard of living if you are unable to work due to illness or injury.

Income Protection Insurance acts as a safety net, providing financial support to you and your family in the event of unexpected health issues that affect your ability to work.

How do I make a claim on my Income Protection Policy?

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To make a claim on your Income Protection Policy, start by contacting your insurance provider as soon as possible. They will provide a claim form and detail the required documentation, such as medical certificates or proof of income loss.

Complete the form accurately and submit all necessary documents promptly. The insurer will review your claim, which may involve further medical assessments.

Once approved, you will begin receiving benefit payments according to your policy terms. Regularly communicate with your insurer to ensure a smooth process and keep updated on your claim status.

Income Protection or Critical Illness Cover?

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Deciding between Income Protection Insurance and Critical Illness Cover depends on your specific needs and circumstances. Both offer valuable protection but serve different purposes.

Income Protection Insurance

Income Protection provides regular payments if you are unable to work due to illness or injury. It usually covers a percentage of your pre-tax income, typically 50-70%, until you can return to work or reach retirement age.

This type of cover is ideal for those who need ongoing financial support to cover living expenses and maintain their standard of living during periods of long-term absence from work.

Critical Illness Cover

Critical Illness Cover, pays out a lump sum if you are diagnosed with a specified serious illness, such as cancer, heart attack, or stroke. This payout can be used for any purpose, such as paying off a mortgage, covering medical costs, or making necessary lifestyle changes.

Critical Illness Cover is suitable for those looking for a one-time financial boost to help manage the immediate impact of a severe health condition.

Consider your financial responsibilities, existing savings, and the level of security you need to decide which policy aligns best with your situation. Consulting a financial advisor can also provide personalised advice to help you make an informed choice.

What are my other insurance options?

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As a mortgage and protection broker, we can help with a variety of insurance options, not just income protection policies:

  • Life Insurance – Life insurance provides a lump sum payment to your beneficiaries upon your death. This can help replace lost income, cover outstanding debts, such as a mortgage or loans, and provide financial stability for your loved ones.
  • Critical Illness Cover – Critical Illness Cover pays out a lump sum if you’re diagnosed with a serious illness covered by the policy. This can help cover medical expenses, lifestyle changes, and other costs associated with your illness.
  • Family Income Benefit Insurance – Family Income Benefit Insurance provides your loved ones with a regular, tax-free income if you pass away during the policy term. Unlike traditional life insurance that pays out a lump sum, this type of insurance offers ongoing financial support over a set period. This can help cover day-to-day living expenses, such as household bills, education costs, and general living expenses, ensuring your family maintains their standard of living during a difficult time.

UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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