Income Protection Insurance is a type of insurance which pays out a monthly income should you be unable to work due to either accident or ill-health. You are limited to maximum cover of usually 60% of the first £30,000 of earnings and 50% of any earning above £30,000 but with a maximum cover of typically of £200,000 (dependent on the insurer).
When thinking about taking out Income Protection Insurance you will need to consider the following:-
• The term of the cover, for example, until an anticipated retirement age or a set number of years you need to be insured.
• The amount of monthly benefit required
• The deferred period, which is the period between become unable to work and the benefits starting to be paid.
All these will have an impact on the cost of the insurance as the longer the term of cover, the higher the monthly benefit and the shorter the deferred period the more the cover will cost.
It is important to ensure that the insurance is tailored to your need and requirements so that you are not paying unnecessary increased premium or have inadequate cover.
Contact us at Futures Assured Limited to get advice on Income Protection Insurance. We will be able to ensure it meets your needs and objectives as well as provide you with a competitive quotation without any obligation. Should you wish to take advantage of our service then please click contact us or alternatively ring us on 0114 2421818.
Our initial consultation with you is FREE as we meet that cost (although a cup of tea would be nice!).