If you are out of work due to ill health or an accident in the workplace, Income Protection Insurance is a monthly benefit paid out to you to support your financial needs. A Protection Specialist Advisor in Cambridge can be there for the applicant by helping them with the amount of cover the applicant wants to take out. They can also help determine how long you will be prepared to wait before being able to claim.
Income Protection Insurance can be expensive when comparing it to life cover. This is because there is a higher chance of you claiming on your Income Protection Insurance than claiming on your Life Insurance policy, however, the payment of monthly benefit will continue until you return to work. This only applies to the “budget” version of the policy. This is cheaper because it only pays out over 24 months.
In comparison to Critical Illness Cover, Income Protection Insurance pays out for anything that is stopping you from working whereas Critical Illness Cover pays out for whatever is preventing you from working and have specified illnesses they apply to.
This type of policy attract applicants who are employed by companies that do not provide generous sick pay schemes and is seen as very popular with the self employed.
We believe in equal opportunity when it comes to our customers taking out insurance. We wouldn’t be doing our jobs if we didn’t mention it!
All of our customers are offered a free, no-obligation protection review. We’ll then recommend which products, including critical illness and income protection that meet your needs. If needed, we’ll then design the plan to work well with your available monthly budget.