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Income protection insurance is a financial safety net that provides you with a monthly income if you become unable to work due to illness, injury, or disability. This type of insurance is designed to help cover essential living expenses, including mortgage payments, rent, and utility bills, ensuring that you can maintain your lifestyle and financial stability during your recovery period.

Income protection insurance is beneficial for anyone who relies on their salary to support their lifestyle or family. This includes full-time employees, self-employed people, freelancers, and individuals in high-risk occupations. If you have ongoing financial commitments or depend on your income for basic living expenses, securing income protection insurance is a wise decision.

The cost of income protection insurance varies significantly based on individual factors such as your age, occupation, health status, and the level of coverage you select. Generally, monthly premiums in the UK can range from £10 to £50. To find the most affordable and suitable policy, it’s advisable to compare quotes from different insurance providers and consider tailoring your coverage to meet your specific needs.

The waiting period, also known as the deferment period, is the duration between when you are unable to work and when your income protection payments begin. This period can range from 4 weeks to 12 months, depending on your chosen policy. Opting for a longer waiting period will reduce your premium costs, but it’s essential to ensure that you can manage your finances during this time without income.

The duration of payments from your income protection insurance policy varies based on the terms of your contract. Policies may provide benefits until you return to work, for a specific fixed term (such as 1, 2, or 5 years), or until you reach retirement age. Be sure to read the details in your policy document carefully to understand your coverage duration and any limitations.

Income protection insurance offers monthly income payments if you are unable to work due to illness or injury. In contrast, critical illness cover provides a lump sum payout if you are diagnosed with a specific serious illness, such as cancer or a heart attack. Many individuals opt for both types of coverage to ensure comprehensive financial protection against various health-related risks.

Most standard income protection insurance policies do not cover redundancy; they primarily focus on illness or injury that prevents you from working.

To make a claim, you typically need to follow these steps:

• Notify your insurer: Contact your insurance provider as soon as you’re unable to work due to illness or injury.
• Provide documentation: You’ll need to submit medical evidence from your doctor confirming your condition, along with any other required documents.
• Wait for assessment: The insurer will review your claim, which may involve additional medical assessments.
• Receive payment: If approved, you’ll start receiving payments according to the terms of your policy.

It’s always a good idea to read your policy document thoroughly and understand the claims process before you need to use it.

Insurance brokers have access to a wide panel of insurers, so they are able to compare prices quickly. They are also able to tailor quotes around customer's specific needs and requirements, giving advice where necessary.
Insurance brokers do not charge a fee, they receive their income directly from the insurer - this does not affect a customer's premium.