Income Protection Insurance
Income protection insurance is designed to pay you a regular monthly income if you are unable to work due to injury or illness. You have the option to select the term of the cover and monthly income if you are never able to work due to injury or illness. The benefit is usually paid until your selected retirement age or the term of the policy, whichever occurs first.
What is Income Protection Insurance?
Income protection is a term used to describe an insurance policy intended to guarantee that if you are unable to work due to sickness or injury, you can continue to earn a set amount of income on a monthly basis during your policy term. Although you won’t be able to get 100% of your pay, you may be able to get a certain percentage of your income before taxes depending upon your policy wording.
There are many forms of coverage available, including short-term plans that pay out for up to two years and long-term policies that pay out before you are eligible to return to work or reach retirement age. As a result, you should choose a policy that is appropriate for your lifestyle and circumstances.
Income protection insurance will help you, your families, or dependants with a monthly income if you’re sick or unable to work, depending on the kind of coverage you select.
A standard income protection coverage can be used to pay off following:
- Your loan or lease repayment
- Bills for the home
- Such costs that you can incur in order to preserve your current standard of living
- It’s worth checking your savings and sick leave to see if they’ll be enough to offset your rent or mortgage, household expenses, and cost of living while you’re unemployed.
If you are looking for the most suitable income protection quote our qualified and experienced insurance advisor will help you to find the right policy as per your need. To know more about Income protection Insurance and its coverage please contact us for more information and to meet with one of our advisors or call us on 02080950120 or email us on info@mountviewfs.co.uk