Income Protection Insurance
We pair people with Oue perfect protection insurance by Income Protection Insurance.
Income Protection Insurance
In the event that you fall ill or sustain an injury that prevents you from being able to work, you want peace of mind that your wages will be protected and you’ll still receive an income. With income protection, your income will be protected in these instances.
What is income protection insurance?
Income protection (sometimes known as permanent health insurance) is as self-explanatory as it sounds. It’s a long-term insurance policy that is designed to protect your income in the event that you can’t work due to falling ill or injured.
When you invest in income protection insurance, you can continue to receive a regular income until you retire or are able to return to work.
Advantages of income protection insurance
Income protection insurance can provide a real financial lifeline if you can’t work due to becoming ill or disabled as it can replace part of your income. Income protection also pays out until you start working again, retire, pass away or when it reaches the end of the policy term.
Income protection also covers most illnesses that leave you unable to work in the short or long term, depending on the type of policy and its definition of incapacity – which is why it’s crucial to make sure you are familiar with the terms of the policy. Also, you can claim as many times as you need to whilst the policy lasts.
Do I need income protection insurance?
1
According to the research conducted in 2017 by the Association of British Insurers (ABI), one million workers find themselves unable to work due to a serious illness or injury. When the statistics are that high, income protection may be worth considering.
2
It doesn’t matter if you have children or other dependants, if you fall ill and it would make you unable to pay the bills, you should consider income protection insurance. Also, if you’re self-employed or employed and you don’t have sick pay to fall back on, you’re most likely going to need income protection to cover your missed income.
3
Also, if you do not have adequate savings in place to cover you and your family for the time that you’re off work, income protection might be a worthwhile investment. Statutory Sick Pay only provides £94.25 a week and you can only receive it for up to 28 weeks. With income protection, you’ll be receiving monthly payments that mimics your wages, to provide you with financial peace of mind.
Find out more about income protection
When it comes to income protection insurance, everything depends on making sure that you get the right policy and we highly recommend that you get advice from experts in insurance products – like us. Get in touch today to find out more.
Things to consider with income protection
With every financial commitment you make, it’s vital to make sure that you are familiar with every aspect of it. With income protection it’s important to bear in mind that there’s often a waiting period before the payments start. Generally, you set payments to start after your sick pay ends or after any insurance stops covering you. The longer you wait, the lower the monthly premiums. Income protection is also not the same as critical illness cover, a policy that pays out when you fall critically ill with an illness specified in the policy.
FAQS
A: While it’s not mandatory to use a mortgage broker, their services can be highly beneficial, especially for individuals who lack experience in the mortgage market or have specific financial needs. A broker can save you time, provide access to a wider range of lenders, and potentially secure better mortgage terms on your behalf.
A: Mortgage brokers provide access to multiple lenders, offer expert guidance, save time, have negotiating power, and provide personalized solutions. If You find a mortgage broker, then contact us now.
A: Yes, mortgage brokers may charge a fee for their services. However, the specific fee structure can vary depending on the broker and the region. We have money saving expert mortgage broker and our mortgage broker fees are affordable and reasonable.
A: An independent mortgage broker is a professional who acts as an intermediary between borrowers and lenders, helping individuals find and secure mortgage loans. Unlike mortgage brokers who work for specific lending institutions, independent mortgage brokers are not tied to any particular lender. They have access to a wide range of mortgage products from various lenders, allowing them to offer more options to borrowers.
A: Mortgage brokers for bad credit is a specialized mortgage brokers who assist individuals with poor credit history in obtaining mortgage loans. They have expertise in working with borrowers who have low credit scores or a history of financial difficulties. Bad credit mortgage brokers have access to lenders who offer mortgage products specifically designed for individuals with less-than-perfect credit.
A: Mortgage brokers are paid by either the lender or the borrower and commonly charge about 1% to 2% of the mortgage amount. To find a mortgage broker, your best bet is to ask your real estate agent, neighbors, or others in the area for recommendations. You can also search for a mortgage broker online.
Get in touch
Contact details
- 02070888054
- 706 High Rd, London N17 0AE, United Kingdom
- info@opengatemortgages.co.uk