Income protection, or permanent health insurance as it is also called, is designed to pay you a regular tax free monthly benefit as a replacement income if you become incapacitated and unable to work due to illness or injury.
Anyone with regular monthly financial commitments who does not get paid indefinite sick pay by their employer will certainly benefit from taking out income protection. Even those with savings are unlikely to be able to afford to live without an income indefinitely; particularly as state benefits are unlikely to ensure that your can maintain your standard of living.
Those with family responsibilities
Home owners looking to protect mortgage payments
Self employed people whose income is entirely dependent on them working
Anyone with regular monthly outgoings, such as credit card payments, rent, council tax, loans and other regular bills
We’ll search the market for the most competitive, comprehensive and suitable income protection quotes for your circumstances
We can cover all of your insurance needs giving you peace of mind from one contact point
Our advisers will explain the details of your income protection quotes over the phone
We will regularly review your policies to ensure they match your needs and offer you the best value
We’re regulated by the FCA (Financial Conduct Authority) meaning that whenever you speak to one of our qualified advisers you’ll be talking to an expert
You will receive a monthly benefit from your income protection policy until you are able to return to work or your policy ends, usually around your retirement age. The maximum benefit you receive is based on a percentage of your annual earnings and is available to both employed and self-employed people.
With most policies there is no limit on the number of claims you can make during the term of the policy so long as you continue to pay your monthly premiums.
Your policy will only end when it reaches the termination date or you cancel it or stop paying your premiums. Otherwise your protection will last until you reach the end of your cover.
You may also be provided with cover through your employer and it is important that you take this into account when looking at additional income protection as this will influence the additional level of protection you need.
Income protection is available to those who are unemployed, however there are several more restrictions placed on those in this classification.
Endsleigh Financial Servcies Limited can provide you with detailed advice on the benefits of income protection insurance along with ensuring your cover is adequate for your specific needs. Our advisers are able to search the market on your behalf looking for the most competitive solution.
We have written some guides about income protection to better explain what it is and how it can help.