Income protection is an insurance that provides financial support in the event of illness or disability that prevents you from working. The policy pays a regular income until you can return to work or reach retirement age. It covers various illnesses and disabilities, with a limit based on your salary.
The cost of premiums is determined by the length of the deferred period, which is the time between the onset of illness and the start of benefits. As a mortgage broker in Cambridge, we recommend the right policy based on your individual needs and requirements. Contact us for a free review to see if income protection would be a beneficial addition to your financial plan.
At Cambridgemoneyman, we offer a free insurance review to help determine if income protection is the right choice for you. Our protection and mortgage advice in Cambridge will take into account your personal and financial situation, lifestyle, age, and medical history to recommend the best policy.
During the review, they'll consider the costs and benefits of your existing insurance policies and advise you on the total coverage. To fully understand your policy's conditions and payout, be sure to work closely with your protection advisor in Cambridge.
Income protection insurance provides a monthly income in case of inability to work due to any cause. Formerly known as permanent health insurance (PHI), it is available in two forms: a long-term version that pays until you're able to return to work, and a short-term version that pays out for a set period of time per claim.
Income protection insurance in Cambridge provides lump sum payments in the event of illness or disability that prevents you from working. It acts as a new source of income to cover expenses like mortgage payments. There may be a deferral period after a claim during which the insurance provider may wait for employer sick pay, the length of which can be set when the policy is established. A shorter deferral period usually leads to higher costs.
You may already have Income Protection Insurance as part of your employee benefits program through your employer, as indicated in your employment contract. Before purchasing a separate policy, it's important to check if you already have coverage through another insurance, such as Critical Illness Insurance in Cambridge. However, keep in mind that Critical Illness focuses on long-term illnesses or disabilities and may not cover short-term absences. As an protection and mortgage broker in Cambridge, we often encounter individuals who prefer to save money by using their savings instead of purchasing Income Protection Insurance. This approach requires careful consideration of your ability to cover your cost of living during extended time off work and having sufficient savings in case of emergencies.
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Consult with one of our experienced protection and mortgage advisors in Cambridge to determine which insurance options would be best for you. During your conversation, your advisor will ask about your health history and gather necessary information to provide recommendations.
Our experts will create a personalised plan to fit your specific financial and personal situation, within the confines of your monthly budget. We have access to thousands of insurance options, and will find the best one to secure you and your family's future.
Once a suitable insurance product is selected, we will submit your application to the provider. The provider may request additional information before approving the application.
At the time of remortgage, we will reach out to you to evaluate your policies, if you took out your mortgage with us too,. Your personal and financial circumstances may have changed, and the policies that worked for you in the past, may no longer be ideal. If you also took out your mortgage with us, we will be sure to review everything.
We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability.
We’ll then recommend which products, including critical illness and income protection that meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.
Your Protection advisor in Cambridge will always be open and transparent with you. From start to finish they will work for you, trying to find you the best deal possible based on your personal and financial situation.
We have more than 20 years of experience in the sector with all kinds of types of policies. We have helped many customers take out Income Protection products in the past and we could help you next!
Our Mortgage and protection advisors in Cambridge want to make sure that you are protected and have the correct policy in place that will give you financial help when you need it most.
With Income Protection Insurance, you will have financial support in case of unexpected events such as accidents, illnesses, or redundancy. This policy provides a tax-free monthly payment as a substitute for your lost income, which will last for a specified period, typically 12 to 24 months, allowing you to cover your expenses while you recover and return to work. The payments you receive can be used for any purpose, giving you the freedom to use the money as you wish.
This type of insurance offers financial protection in the event of unexpected circumstances like illness, injury, or job loss that prevent you from working and earning an income. It provides a tax-free monthly benefit to help cover your regular expenses such as loan payments, mortgage payments, and credit card debts. The policy duration can vary, but typically they are designed to provide short-term coverage.
If you become unable to work and fall behind on your mortgage payments, Mortgage Payment Protection Insurance (MPPI) will cover the costs. It typically pays a portion of your monthly mortgage payment, and in some cases, a little extra to cover other expenses. The coverage period is usually limited to 12 months or until you can return to work, after which the payments will stop.