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We have put together some information that may help you understand income protection a little better.

Why do I need income protection?


Imagine your wages suddenly stopped tomorrow, without financial assistance would you be able to meet your monthly bills and outgoings? If the answer is No, it's time to protect your income. Income protection insurance is designed to provide you with the financial support to help you get back to work as quickly as possible. You can get upto 12 months benefit and the financial assistance can help you meet your regular obligations until you have managed to get back into employment.


How does it work?


This cover protects your monthly regular outgoings, usually up to 50% of your gross monthly income or £2,000 whichever is the lower. The main objective of this insurance is to provide you with a monthly income that will enable you to cover your expenses.


One of the best things about this policy is that you don't need to have any mortgages, loans or rent for this insurance. It is entirely up to you to decide how to use the money you receive when you make a claim on these policies.


These policies are also known as stand-alone short term protection insurance. Whilst in employment, it's easy to take your monthly income for granted. But should that be suddenly taken away, you could find yourself short of cash and may end up not being able to meet your financial obligations. With an income protection cover you can concentrate on getting back to work rather than losing sleep over paying your bills and cash flow.


If you are in a situation wherein you do not have a mortgage, loan or rent to pay, then income protection insurance is the product you should choose.


If your mortgage, loan or rent payments are lower than the benefit amount you want, income protection should be your choice. Our interactive quote system automatically chooses the right product for you.


Apart from unemployment, you can also cover yourself for loss of income due to accident and sickness.


How will it help me?


If you are unable to work due to accident, sickness or unemployment - the added financial stress can be hard. The last thing you would want in these situations is not having sufficient money coming in each month to meet your expenses. It is a crucial safety net which will assure you of the benefit amount month after month until you are back to work. can make a big difference if you find yourself unable to bring in an income because of unemployment.


The question you need to ask yourself is, if your wages suddenly stopped tomorrow, without financial assistance would you be able to meet your monthly bills and outgoings? This insurance is designed to provide you with the financial support to help you get back to work as quickly as possible. Most insurers usually pay out up to 12 months of benefit amounts you have chosen.


How do I claim?


With our Income Protection policies, you can choose to cover from day 1 - called back to day 1 policies or choose a higher excess days such as 30, 60 days etc. Choosing a high excess period can make the policies more affordable. Most of the policies come with an initial exclusion, if you make a claim during this period, your claim will be invalid. Best Income Protection policies have an initial exclusion of 90 days.


When you make a claim, the insurers would check to see proof of your income. The insurers will also check with your employer on your employment details and circumstances leading to your unemployment. You should also be registered at the Job Seekers and eligible to seek Job Seekers Allowance.