Income protection insurance can be your safety net if you should find yourself out of work through suffering from an accident, being off work long term sick or finding yourself unemployed through no fault of your own. It can bring peace of mind that you would have the money each month to carry on living your lifestyle in the manner you are accustomed and pay your essential outgoings.
Income protection insurance can, providing you have made sure that a policy is suited to your circumstances, give you a tax free income once you have been out of work for s set period of time. The period you have to wait before you can make a claim is determined at the time of taking out your policy and typically can be anywhere between the 31st day of being out of work up to 90 days. Once the cover has started you would then have an income each and every month you were out of work for up to 12 months and with some providers for up to 24 months.
While the cover can be a great product to have, you do have to ensure that it would be suitable for your circumstances. All income protection insurance policies do have exclusions and these can be found in the small print of a policy, some of the most common reasons included are if you are only working part time, suffering from an illness at the time of taking out the policy or if you are retired.
You do have to be careful when buying income protection insurance and the best way to buy the cover is with a standalone provider of income protection insurance. Beware of the high street lenders when thinking of buying payment protection cover as the cover is generally dearer with little or no advice given. The specialist will always give you the best deal and this means that you get the cheapest premiums along with the best advice.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income protection insurance, mortgage payment protection insurance and loan protection insurance.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Income Protection and Mortgage Payment Insurance
- Income Insurance Mortgage Protection Explained
- Income Insurance Mortgage Protection Essential to Keep You Out of Debt
- Take Care Where You Buy Your Mortgage Protection Insurance
- Safeguard Your Castle With Mortgage Protection Insurance
- Shop Around for the Cheapest Mortgage Protection Quote
- Mortgage Protection Insurance, A Way To Maintain Your Mortgage Commitment
- Check Out What Mortgage Protection Cover Can do For You
All Jobs are Important in God's Kingdom
By: Ozeme J Bonnette | 03/01/2010In performing our work, we should remember that there are no small parts in God's Kingdom. As mentioned in Ephesians 2:10, we have all been chosen by God to do different tasks, and they are all equally important.
Do You Want To Turn $1,000 Into $1M Trading In 2010?
By: Ahmad Hassam | 03/01/2010Trading can make you rich. This is the route many people took to make a fortune trading different markets. You will be surprised to know that many started with only a few thousand dollars and ended up as millionaires. You too can start with $1,000 and reach $1M in 2010 trading!
All About Amortization Schedule
By: Limadijaya Suhendra | 03/01/2010Purchasing a home or a vehicle like a car will absolutely need your full attention. As a matter of fact, purchasing those items with the help of a loan or a mortgage will be a daunting thing. An individual who is taking a loan or a mortgage such as a...
Online Payday Loans - How To Find The Best Rate On Online Payday Loans
By: Matt Couch | 03/01/2010If you need cash before your actual payday then a payday check advance can be extremely helpful.
Personal Credit Loans
By: Limadijaya Suhendra | 03/01/2010In the current global crisis, with prices increasing need for income earned but not changed. More restrictive requirements can be fulfilled life. Resulting in people looking for ways to meet their needs. There are borrowing at a finance company as a bank official. There is also a loan shark to...
Second Mortgage - Is It Worthwhile?
By: Limadijaya Suhendra | 03/01/2010Living comfortably in our home sweet home, a home that you have already bought would mean the world to many people. Some people are lucky enough to be able to bring their ultimate dream alive - a dream to own a house - even with the help of a home...
Private Loans
By: Limadijaya Suhendra | 03/01/2010Borrowing, who never borrowed? Of course, everyone had to borrow something good for others. Whether it be in the form of money or goods. People would borrow a reason, maybe because they do not have or for other reasons. Private loans are often used for various purposes. Private loans be...
Student Loans- Some Basics
By: Walter Ballenberger | 03/01/2010Thinking about getting a student loan to help pay for your college education? You're not alone. About two-thirds of all people attending public and private colleges and universities take out student loans. This is a necessity because the cost of higher education has soared in recent years. The Project on...
Unemployment Cover - What is It?
By: Simon Burgess | 15/09/2008 | FinanceThere are three main forms of unemployment cover which can be taken based on your circumstances. Mortgage, loan and income payment protection would all allow you to insure against the possibility that you could lose your income through unemployment. With redundancies happening all the time and no ones job safe...
Unemployment Protection Well Worth the Premium
By: Simon Burgess | 15/09/2008 | FinanceIf you were to lose your income after becoming unemployed and had taken out unemployment protection you would be glad you had paid the small premium each month. You will get cover for a small premium each month if you choose to take it with an independent payment protection provider....
Unemployment Income Protection Insurance For a Replacement Income
By: Simon Burgess | 15/09/2008 | FinanceImagine for a moment that you go into work and they tell you that at the end of the month you are becoming a victim of unemployment. Just four weeks and then you will not have an income. Your world of course would be turned upside down. How would you...
Could You Benefit From Redundancy Insurance?
By: Simon Burgess | 15/09/2008 | FinanceAnyone that is working on a full time basis and who has mortgage, loan or general outgoings to pay could benefit from taking out redundancy insurance. Policies can be taken to cover mortgage repayments with mortgage payment protection, loans with loan payment protection and income with income payment protection. If you...
Cover Redundancy With Mortgage, Loan or Income Payment Protection
By: Simon Burgess | 15/09/2008 | FinanceYou are able to cover redundancy with mortgage, loan or income payment protection depending on your needs. All policies can be taken out independently with specialist providers and this is the cheapest way to get a quality product that you are able to fall back on if and when you...
Redundancy Protection For Mortgage, Loans and Income
By: Simon Burgess | 15/09/2008 | FinanceIf you have loan repayments, a mortgage to keep up with and of course general outgoings each month to keep your home running then you need to consider insuring against unemployment with redundancy protection. Policies can be taken based on your circumstances if you are in full time work so...
Options For Income Protection in the UK
By: Simon Burgess | 12/09/2008 | FinanceThere is two different options for income protection in the UK to safeguard against the possibility that you might lose your income. You are able to take out income payment protection and income protection insurance. While both have similar names they are different policies. Income payment protection pays out over the...
Income Insurance Mortgage Protection Essential to Keep You Out of Debt
By: Simon Burgess | 12/09/2008 | FinanceProtecting your mortgage is needed at all costs if you want to remain in your home. By getting behind by just a single payment on the mortgage could mean that the mortgage lender would take you to court to seek repossession of your home. Without an income you would not...