Income Protection Insurance In Uk

By Author: mark tennick
Total Articles: 24
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When it comes to redundancy or job loss, income protection insurance does not cover these situations generally. If you should come across a policy that does include job loss, you need to heed caution. Income protection insurance only provides the insured an income of up to 75% of their monthly salary if they have suddenly become seriously ill or incurred an injury which required them spending a certain amount of time off work. After the insured has recovered they are required to return to work and continue earning an income, and do not apply to job loss or redundancy.

However, there may well be certain UK insurance companies that offer insurance products which function similar to income protection cover, due to the immense competition these companies are facing. For example, one may be able to obtain unemployment cover from an insurer that will provide you with a three month, monthly benefit which would help the insured to carry on with their monthly payments until they find employment.

However, there are certain setbacks, as these are usually promotional schemes and the duration of cover at the most is three months. ...
... It is best to explore other options such as credit protection insurance in the event of becoming involuntarily unemployed. Income protection insurance is offered to aid a policy holder who is unable to work and earn a salary due to becoming ill or injured. There is also a proportionate benefit and deferred period which is agreed upon by the insured and the insurers. This type of insurance cover provides a MORE benefit of the insured's gross monthly earnings.

During the time the policy holder is incapacitated, they may be granted a waiver of premium. However, not all income protection policies grant waiver of premium, not matter if the insured can resume their job or not during illness or injury. Income protection insurance is not obtainable for people that have already retired. This type of insurance is meant for people that are employed and earning an income, and should they become suddenly ill or meet with an accident that is the cause of them not being able to work and earn an income, the policy will provide cover for a set amount of time.

Disability and income protection insurance are not the same type of insurance. However, both these types of insurance cover provide the family with benefits to continue paying their monthly financial commitments. Disability cover may also include short term benefits and sick leave as well as long term disability cover.  Disability cover is more often than not offered by many employers which covers their employees. Income protection cover is also determined by occupation, age, health status, employment status and earned income and whether you are a smoker or not, as all these factors will determine your monthly premium rates.

When selecting income protection insurance, make sure you know what the policy defines. The best way to find income protection insurance to compare income protection policy as there are several UK insurance companies offering income protection cover online and in office is bestinsurance.co.uk. Before purchasing a policy make sure you understand the quote, benefit limits, premium payments and other factors before you close a deal.

Also make sure that the income protection insurance policy your choose is the right one for your needs, also check to see how long the benefits are offered for as income protection cover pays benefits such as sixty percent, seventy percent or up to seventy five percent of your gross monthly salary.

For more information on income protection insurance and income protection visit bestinsurance.co.uk