Income Protection Insurance > Income Protection Explained

Also known as permanent health insurance and income replacement, this type of insurance replaces your loss of income if you are unable to work for whatever reason. This can be due to an illness / sickness, or an injury that happened at work, at home or through amateur sport.

Unlike some schemes which only pay out for a maximum of 6 -12 months, this cover pays out for as long as it is required - even until retirement. This type of policy does not cover redundancy.

Available for both employed and self-employed, it will have a waiting period (which you choose) before it starts to pay out. The longer you agree you’ll wait, the cheaper the premiums will be. If you are employed, it is important to see what benefits – if any – your employers will pay you in the event of being unable to work.

Certain income protection insurance schemes also allow state benefits to be payable on-top of the tax-free pay-outs.

Premiums for this type of cover are paid monthly, on an on-going basis, so there is no annual renewal.

You can claim as many times as you need to - even for the same illness or injury. As long as you carry on paying the premiums, the insurance company will guarantee to provide the cover.

Your income pays for everything you do in life and is your second most important asset. You can only earn that income with the use of your most important asset – your body.

You probably automatically pay to insure a car against an accident or theft. If your car `broke down' for 6 months, would you still be able to get to work to earn your income? If you didn’t want to lose your job, you’d probably find a way – by bike, train, lift from a colleague etc. But what would you do if your body broke down?

Each year thousands of people are unable to work due to an accident at work, at home or on the sports field. They may have been signed off work long-term due to illness or mental health problems. There is a very good chance that you actually know of somebody who has been in that situation. What you may not know of was the financial hardship they endured, which for many is the unfortunate reality.

Having problems getting to work can be hard, but not being able to work due to something totally out of your control can be devastating.

The good news is that you don’t need to let an illness or accident break you financially.

Income protection insurance is much cheaper than many people think. You can make the right choice for you and your family and affordably insure your most important asset – your body.

Yes! You will not be penalised with higher premiums just because of your choice of employment or hobby.

To find out more about sports cover have a look at our sports income protection page.

No! Once you have been accepted for this cover, as long as you maintain the monthly premiums, there is no limit on the amount of times you can claim.

Yes! You may be off work for a long time. The benefits can be tailored to start paying out, when your employers benefits cease.

All applications are subject to full underwriting and acceptance.

Call Income Assured now on 01736 798 222 for a free income protection insurance quotation.