Income Protection Insurance



Income Protection Insurance - Protect you and your family against loss of income through accident, illness or disability.

Income Protection Insurance also known as permanent health insurance (PHI) provides long term protection against accident or illness usually until your chosen retirement date. Benefits are paid monthly and are tax free and can be level or set to increase in line with inflation.

The maximum benefit available with this type of plan is between 50% - 65% of your gross earned income. The pricing of this type of insurance is primarily based on the job you do. If possible always choose a policy which offers an ‘own occupation’ definition, this means if you are unable to do your own job, the insurer cannot ask you do another.
 

Income Protection Insurance Product Features

  1. You choose the deferred period to suit your needs, this ranges between 4 weeks and 1 year - back to day one cover available with some policies.
  2. Insurance provides an income commencing after a deferred period for a person who is unable to work due to sickness or injury.
  3. The policy has a fixed term, usually to retirement age to a maximum of age 70.
  4. The policy, when in place, is permanent. The premiums cannot increase (unless a reviewable premium is chosen).
  5. There is a maximum insured income limit based on several factors. Please contact us for your specific situation.
  6. Available only to UK tax payers only
  7. Premium rates are occupation based, with 4 classes.
  8. Maximum income typically up to 70% of your earned income.

Income Protection Insurance Policy Benefits

  1. Income is paid for the duration of your illness or incapacity or/and until your selected end date (typically to your retirement date).
  2. If you recover then become ill again you can recommence your claim or if it is for a different incapacity, claims are not restricted to one event.
  3. Benefits paid for short & long term incapacity, subject to the deferred period. The insurance company cannot cancel cover once you have been accepted. You can cancel, they cannot.
  4. Inflation protection can be provided by arranging an increasing policy. This provides increasing cover to take into account rising future costs.


To help you identify the plans which are most suitable for your occupation use our unique ‘Sort Plans’ tool found above the review section, or alternatively call one of

"A great price with all the benefits I need for my family"

Paul Marshall, Birmingham

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