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Income protection is a type of insurance that provides you with a regular income if you’re unable to work due to illness, injury, or disability. It is designed to help you cover your financial obligations, such as paying bills, when you’re unable to earn an income.
If you have income protection insurance and you’re unable to work due to a covered event, such as an illness or injury, the insurance company will pay you a portion of your regular income. This payment can be used to cover your essential expenses, including bills, mortgage or rent, utilities, and other financial obligations.
Income protection can help cover a wide range of bills, including but not limited to mortgage or rent payments, utility bills (electricity, water, gas), phone and internet bills, insurance premiums, loan repayments, credit card bills, and other essential expenses you may have.
The amount of income covered by insurance varies depending on the policy you choose. Typically, income protection policies cover a percentage of your pre-disability income, such as 70% of your regular earnings. It’s important to review the details of your policy to understand the specific coverage amounts and any waiting periods or limitations.
No, income protection insurance can cover both short-term and long-term disabilities, depending on your policy. Some policies provide coverage for a specified period, such as six months or two years, while others can offer coverage until retirement age if needed.
Our highly experienced Advisers are ready to help you with either buying or remortgaging a home, protecting your property and lifestyle along with saving you time and effort, ensuring you have a competitive deal right for you.
To qualify for income protection insurance, you typically need to meet certain criteria set by the insurance provider. This may include your age, occupation, health condition, and income level. The insurer will assess your application and may request additional information or medical assessments to determine your eligibility.
Yes, self-employed individuals can also obtain income protection insurance. In fact, it can be particularly beneficial for self-employed individuals who don’t have access to sick leave or other employee benefits. Income protection insurance can help safeguard your income and cover your bills if you’re unable to work due to illness or injury.
If you need to make a claim on your income protection insurance, you should contact your insurance provider or their claims department. They will guide you through the process, which typically involves completing claim forms, providing medical evidence, and submitting any required documentation. It’s important to familiarize yourself with your policy’s terms and conditions, including waiting periods and any exclusions.
Yes, you can generally cancel or adjust your income protection insurance policy. However, the specific terms and conditions vary depending on the insurer and the policy you have. If you want to make changes, such as increasing or decreasing your coverage, or if you wish to cancel the policy altogether, you should contact your insurance provider and discuss your options.
Remember, the information provided here is general in nature and may not apply to specific insurance policies.
Our highly experienced Advisers are ready to help you with either buying or remortgaging a home, protecting your property and lifestyle along with saving you time and effort, ensuring you have a competitive deal right for you.
Get in contact for a free consultation with one of our expert advisers.
LEGAL
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Multi Broker Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 13090970. Registered Address : Foundry House Suite 20, Waterside Lane, Widnes, United Kingdom, WA8 8GT . Our FCA reference number is 946302.
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