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What is Income Protection?
Types of Income Protection
Long Term Income Protection – This pays out until a fixed age, death or when you return to work. It is underwritten at the point of applying for the policy so you know exactly what you are covered for as well as any pre existing conditions you are not covered for.
Short Term Income Protection – This will usually pay an agreed monthly amount during a short period (usually 12 months) if you are unable to work due to accident, sickness or redundancy.
Accident, Sickness and Unemployment Cover – This ensures repayments will continue to be made in the event that you lose your income through an accident, sickness or unemployment.
Most of these policies are time limited, so they will only pay out for a set period and they also carry certain restrictions.
There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk