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Income Protection Insurance Cover

Did you know that only 12% of employer’s support their staff if they fall sick? Income protection insurance cover is designed to assist you financially in the event that you can no longer work whether to due to long term sickness, injury or disability. With income protection you can expect to receive around 50-70% of your gross salary tax free so you can maintain your lifestyle and make sure you can pay your bills or rent/mortgage.

Typically, income protection is considered a long-term policy and will continue to pay-out until you can return to work, retire or die. In the past year over 129,000 claims were risen for income protection and the Association of British Insurers stats a 91% success rate for pay-out.

The cover is designed to give you peace of mind in the event of sickness or injury which could prevent you from returning to work for long periods of time.

What Cover Options Are Available?

Two main types of income protection insurance are available:

  • Illness - to cover against any serious illnesses that force you to be unable to work e.g. cancer, coma, heart attack, mental illness and other diseases.
  • Accident - if an accident has left you with injuries and you are unable to work e.g. broken bones, back issues, concussion, amnesia and more.

What Do I Need to Know?

  • The average claim paid out in 2014 was just over £10,000, with 350 payouts everyday (Source: Association of British Insurers)
  • On average, policies were paid out consistently for four years
  • Over 90% of claims are paid out
  • You can claim as many times as you need to within the policy term dates
  • You can receive a hospital benefit towards your medical fees if you have to spend several nights in hospital.
  • You can receive a ‘back to work benefit’ if you are only able to work part-time or are restricted by your injuries.

How Quick is the Pay-Out?

Theoretically you can get a pay-out immediately, as soon as you are no longer able to work. However, you should have backup funds such as some sick pay from your employer, or your own savings which you can live off for a period.

Income Protection Insurance Cover

How Do I Get a Quote?

Call Wiser have collaborated with a leading UK based insurance company for this life insurance cover; Family Insurance Services. They are experts in getting you the cover you need for the best price by working with the UK’s top policymakers.

You can give the team at Family Insurance Services a call today on 0808 1681 262 and one of the friendly advisors will talk you through the options and find the best cover for you. Be prepared with basic information such as your name, address, and phone number. How much your premium will cost is down to some factors considered during the quotation process including:

  • The number of hours you typically work.
  • Whether you have been in continuous employment.
  • Your occupation
  • Residential status
  • Overall health
  • Smoker
  • The amount of cover you need – remember to ensure you are covered for an amount which would allow you to not get into financial difficulty if you cannot work.

The risk factors and of course the size of the pay-out will affect your insurance premium costs, but the team will work to get you the best deal possible.

Can I Get Short Term Income Cover?

Yes, absolutely! This is an alternative to your typical income protection cover as it is designed to provide pay-outs for up to 12 months, whereas typical income protection cover is designed for much longer pay-out terms and you can continue claiming as long as your policy states.

Does This Cover Critical Illness?

Critical illness insurance is slightly different and instead falls outside of income protection. That is because critical illness insurance is designed to pay out one large lump sum if you suffer from a critical illness or injury would impact your ability to work. The large sum could be used to pay for medical treatments, or day to day bills.

income protection insurance
family-insurance-services

Please follow the link to visit our associate life and health insurance company:

Family Insurance Services
https://www.familyis.co.uk/income-protection?&ref=bw New window

Family Insurance Services will help you to find income protection insurance, they offer a fantastic, personal service. They will research the market, find you the best policy and price and give you quality independent advice.


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