Which Income Protection Insurance do I Need?
Do you want long term accident and sickness cover? Then you need Income Protection.
Do you want short term cover or unemployment/redundancy cover? Then you need Accident, Sickness and Unemployment.
Income Protection Insurance
Have you considered how you would cope financially if you could not work due to an illness or disability? State benefits will only pay £70.051 per week and that's if your entitled to claim. How would you make the mortgage payments, pay bills, supply for you family and buy for petrol, food, etc.
Income Protection Insurance, also known as Permanent Health Insurance, Income Insurance or Income Replacement Cover, provides you with a tax free monthly income until your selected retirement age (usually between 50 and 70) if you are unable to work due to an illness or disability.
Income Protection Insurance premiums are calculated based on your occupation, age, health, estimated retirement age and the amount/level of cover that you choose. When applying for Income Protection Insurance, you will need to select a deferment period, this is usually 4, 8, 13, 26 or 52 weeks, and represents the amount of time that you will need to be off work before you can claim. Please note that we also offer deferment periods of 1 day, 1 week and 204 weeks, if you are interested in these options please Contact Us.
Income Protection Insurance is often mistaken for ASU (Accident, Sickness and Unemployment) Cover. Income Protection provides long term protection of income for illness or disability, whereas ASU provides short term cover for illness, disability and redundancy. For more information regarding the differences between these policies, please view our online comparison here.
Here at Top Quote Online we allow you to instantly compare Income Protection Policies from the UK's leading providers through use of our advanced online quotation system. We are one of the leading brokers for Income Protection Insurance in the UK and you can either get an Instant Income Protection Quote Online or speak to one of our qualified advisor by calling us free on 0808 1782777.
1Based on Statutory Sick Pay figures for employees in April 2006, Source: DWP