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Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
We Can Search Thousands Of Income Protection Deals
The Journey to Protecting What Matters Most
Initial
Meeting
Let’s grab a coffee (or a Zoom). This is where we get to know you, your concerns, and your protection goals. Think of it as a relaxed chat to set you on the right path to financial security. You talk, we listen!
Personalised
Package
We’ll craft an insurance plan tailored to your needs, complete with all the suitable options. We’re like your personal insurance matchmaker, finding the best deal to make protecting what matter most easy.
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The Rest
Leave the paperwork, provider chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning insurance team is available 7-days a week.
You Are
Covered!
Your new insurance is set up, and it’s time to pop the bubbly! Like all our 5-star customers, you are now financially protected should the worst happen.
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of income protection, then make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
Different Types of Income Protection
Full income protection insurance is a form of policy that offers you a regular income when you cannot work due to sickness or injury. It replaces most of your earnings, usually about 60-70%, until retirement, recovery or expiry of the policy term. Its main objective is to make sure that you can pay for basic needs like mortgage repayments, bills and everyday expenditures to keep yourself financially stable during periods when you cannot earn what has been your normal income. The waiting period before payment starts and the number of years it will be provided can be adjusted accordingly so that full income protection suits all requirements.
Limited payment period income protection is a type of insurance policy that provides you with a regular income if you cannot work due to illness or injury, but only for a specified period. Unlike full income protection, which can continue paying out until you return to work, retire, or the policy term ends, limited payment period policies have a cap on how long they will pay out. This period is usually between 1 to 5 years. After this time, the payments will cease even if you are still unable to work. This type of policy can be more affordable than full income protection and can still offer valuable financial support during shorter-term illnesses or injuries.
Accident, Sickness, and Unemployment (ASU) cover is a type of insurance policy that provides financial support if you are unable to work due to an accident, illness, or involuntary unemployment. Here’s a breakdown of each component:
Accident Cover: If you are injured in an accident and cannot work, this part of the policy provides a regular income to help cover your living expenses until you can return to work or for a specified period.
Sickness Cover: Similar to accident cover, if you fall ill and are unable to work, this portion of the policy will pay out a regular income during your recovery period.
Unemployment Cover: If you lose your job involuntarily (e.g., redundancy), this part of the policy provides an income to help cover your essential expenses while you look for new employment.
ASU cover typically pays out a percentage of your regular income, often around 50-70%, for a predefined period, such as 12 or 24 months. This insurance helps ensure you can meet your financial obligations, such as mortgage or rent payments, utility bills, and other daily living costs, during challenging times when your ability to earn an income is compromised.
Payment Protection Insurance (PPI) is a type of insurance designed to help you cover repayments on loans, credit cards, mortgages, or other financial commitments if you are unable to work due to illness, accident, or involuntary unemployment. Here’s a detailed breakdown:
Purpose: PPI is intended to ensure that you can continue making payments on your debts and financial obligations even when your income is disrupted.
Coverage: The insurance typically covers a percentage of your monthly repayments for a specified period, usually up to 12 or 24 months. It can help with various types of credit, including personal loans, mortgages, credit cards, and car finance.
Eligibility: To be eligible for a PPI claim, you usually need to meet specific criteria, such as being employed or self-employed at the time you take out the policy. The circumstances for claiming might include losing your job through no fault of your own, being unable to work due to an accident, or falling ill.
Understanding the terms and conditions of PPI is crucial to ensure it meets your needs and provides the expected protection.
Mortgage Payment Protection Insurance (MPPI) is a type of insurance policy designed to help you cover your mortgage repayments if you cannot work due to illness, accident, or involuntary unemployment. Here’s a detailed explanation:
Purpose: MPPI aims to ensure that you can continue making your mortgage payments even when your income is disrupted, thereby protecting your home from repossession.
Coverage: The policy typically covers your monthly mortgage repayments, including the interest and principal, for a set period, usually up to 12 or 24 months. Some policies may also cover related costs, such as insurance premiums.
Living Cost Protection from Aviva is designed to help you maintain your standard of living by providing a safety net if you cannot work due to unforeseen health issues without the need for financial underwriting. This means if you need to unfortunately claim, then unlike other income protection plans, you can claim up to £1,500.00 per month without the need to provide financial proof (payslips, full accounts, p60 and so on), which can make for a great income protection insurance policy for newly self-employed people.
Executive Income Protection is a specialised insurance product designed to provide income replacement for high-earning individuals, typically executives or key employees, if they cannot work due to illness or injury.
The main goal of Executive Income Protection is to ensure that high-earning professionals can maintain their standard of living and cover essential expenses even if their ability to work is compromised.
Coverage:
- Higher Benefit Levels: These policies often offer higher levels of coverage compared to standard income protection plans, reflecting executives’ higher salaries.
- Customisable Payouts: Benefits are usually based on a percentage of the insured’s gross income, often up to 75%.
- Comprehensive Coverage: Includes cover for illness, injury, and sometimes additional benefits like rehabilitation support.
Eligibility:
- Employment Status: Typically available to executives, directors, and high-earning professionals.
- Income Requirements: Proof of income may be required to determine eligibility and benefit levels.
- Health and Underwriting: A health assessment or medical underwriting is usually required to establish the policy terms.
Benefits:
- Income Replacement: Provides a substantial portion of the executive’s income, ensuring they can meet financial obligations and maintain their lifestyle.
- Business Continuity: Helps businesses retain key talent by offering financial security to executives.
- Additional Perks: These may include benefits like access to private healthcare, wellness programs, and return-to-work support.
Exclusions and Limitations:
- Pre-existing Conditions: Typically excludes cover for medical conditions that existed before the policy start date.
- Waiting Period: There is usually a waiting period before benefits begin, ranging from 4 to 26 weeks.
- Policy Terms: Specific terms, conditions, and exclusions will apply, depending on the policy and provider.
Cost:
- Premiums: Generally higher than standard income protection policies due to the higher benefit levels and comprehensive coverage. Premiums can be paid monthly or annually and are influenced by age, health, occupation, and the chosen benefit period.
Why Use Protex Financial For Income Protection?
Here at Protex Financial, we strive to focus only on you; this is why we can offer the best range of income protection advice with access to thousands of products the insurance market offers. Our income protection cover brokers can search thousands of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you the leading and most suitable income protection options, rates, and advice.
Frequently Asked Questions
Income protection insurance is a well-known policy that pays an individual who cannot go to work due to illness or injury. Commonly, this kind of coverage pays you 50%-70% of your salary before tax; therefore it helps in settling vital bills such as rent or mortgage fees, grocery money and utilities among others.
The duration within which one should be paid may include reaching retirement age while still incapacitated by sickness until that individual resumes duty once more or for some specific time stated by terms agreed upon during purchase. What makes these policies favourable is their versatility since they allow the buyer to set limits on waiting periods before starting payments and decide how long benefits should last, depending on individual circumstances.
The greatest advantage offered by income protection lies in its ability to ensure one’s financial stability even when they are unable to earn due to health-related issues, thereby giving them peace of mind knowing that there will always be some form of earnings coming through each month. This also eliminates any worries about meeting bills because all necessary expenses can easily be met without straining oneself too much financially during these times.
However, people must know what exactly is covered under this agreement so that it does not turn out not to meet one’s expectations; thus, being aware of clauses like exclusions or waiting periods for certain diseases could help avoid disappointments later on when needed most has already happened. The cost of premiums charged for income protection insurance may vary according to different factors like age groups, states of healthiness as well and types jobs done, among many others, hence making them affordable by anyone who considers purchasing one
Examine your financial duties and way of life to evaluate the amount of income protection cover you require. These are the main steps to follow when choosing how much cover is suitable for you.
Work Out Your Monthly Expenditure: Calculate what your mandatory costs each month are, such as mortgage/rent payments, utility bills, groceries, transport fees, insurance premiums, childcare, etc. This will give you a starting point for the minimum amount needed to meet basic living expenses.
Take into account your income at present: Look at how much money you make right now and decide on what proportion has to be replaced to maintain a standard of living. Income protection policies generally provide between 50% – 70% pre-tax earnings as benefits, so try working out if this percentage would suffice for covering essential needs and any other costs incurred while unable to work (for example, medical bills or rehabilitation).
Consider Other Sources Of Earnings: Consider savings, investments, spousal support, or state benefits, which may still be useful when one cannot earn due to illness or injury. Subtract that figure from the required monthly expenditure to determine how much should be bridged through getting insured against loss of earning capacity.
Select an appropriate waiting period: The deferment period refers to the number of days between ceasing employment and start receiving payouts under policy terms. Longer waiting periods lead to lower premiums payable, although during this time, adequate savings or alternate source(s) funds must cover all needs.
Anticipate Future Requirements: Consider things like school fees for kids, major repairs at home, and rising cost standards within society, among others; hence, it might be wise to go slightly overboard with coverage just in case.
In essence, therefore, enough income protection cover ought to take care of necessary living expenses, sustain the current lifestyle, plus cater for extra charges resulting from the inability to work.
Deciding when to get income protection insurance is important so as to protect one’s financial security in case they fall ill or get injured unexpectedly. Here are some of the key occasions and situations when it would be appropriate for you to consider taking income protection:
Starting a New Job: Income protection should be taken as soon as one begins working in a new place, especially if it pays well or comes with huge financial obligations since this will help protect the person against losing his/her earning capacity at the earliest hour.
Before You Have Health Problems: It is good to know that most policies do not cover pre-existing conditions. Hence, one must take out an agreement while still healthy because such will give wider coverage and possibly attract lower premiums.
Having Children/Dependents: If there are any people who depend on your earnings, like family members or even friends, then having income protection can make them feel safe knowing that their needs shall be met even if they become unable to work due to sickness or injury.
When Undertaking Financial Commitments: Whether it’s acquiring mortgage loans or car credits, among others, these things usually require large amounts of money; hence, having insurance ensures that people meet such responsibilities even during times when things don’t go according to plan, i.e., falling sick/injured which might lead inability work thus earn money.
Major Life Events: Major life events such as getting married, having children or buying homes often bring about increased financial responsibility levels, so during this period, consider taking up income shields for families’ sake.
Becoming Self-Employed: For those engaged in self-employment activities where they do not benefit from employer-provided sick pay/benefits programs, it becomes necessary for them to have safeguards against loss of their revenue streams due to ill health conditions, thus needing income protection covers
Inadequacy Employer Benefits Package Offers: When one realizes that his/her company only gives limited duration/amounts of reimbursement through its sick pay policies & other benefits packages – supplementary insurers could be useful in ensuring uninterrupted financial assistance.
Yes, that’s true. Many income protection policies can be modified to consider new events in your life, such as marriage, children’s birth, or the purchase of a house. You should check them from time to time to make sure they still fit your requirements.
A deferred period, also known as a waiting period, is the amount of time you must wait after becoming unable to work due to illness or injury before you start receiving payments from your income protection insurance policy. Here’s a detailed explanation:
Definition: The deferred period is the interval between the onset of your illness or injury and when the insurance payments begin. It acts as a buffer period during which no benefits are paid out.
Typical Lengths: Deferred periods can vary, typically ranging from 4 weeks to 52 weeks or more. Common options include 4, 8, 13, 26, or 52 weeks.
Choosing a Deferred Period: The length of the deferred period you choose can affect your policy premiums and coverage:
- Shorter Deferred Periods: A shorter waiting period (e.g., 4 or 8 weeks) means you will start receiving benefits sooner, but this usually comes with higher premiums.
- Longer Deferred Periods: A longer waiting period (e.g., 26 or 52 weeks) will lower your premiums, but you will need to rely on savings, other insurance, or sick pay from your employer during this time.
Factors to Consider:
- Employer Benefits: If your employer provides sick pay or short-term disability benefits, you might choose a deferred period that begins after these benefits run out.
- Savings and Other Income: Consider your savings and any other income sources you can rely on during the waiting period.
- Financial Obligations: Ensure the deferred period you select aligns with your ability to meet financial obligations without income protection payments.
Impact on Premiums: The deferred period is a significant factor in determining your policy premiums. Generally, the longer the deferred period, the lower the premiums because the insurer is less likely to have to pay out.
Picking the proper income protection policy depends on your situation, financial position, and objectives for the future. Our income protection advisors will evaluate what you require and advise which policies would be best for you, taking into account variables like coverage sum, term duration, and other perks.
Yes, you can get insurance even if you have pre-existing medical conditions, although there are many things to think about and steps that you may need to take.
Underwriting Process: Insurers evaluate your health by underwriting, which can involve filling out a medical questionnaire or even taking a medical examination; the amount charged as a premium and the extent of coverage available are based on the severity and type of disease identified during this stage.
Possible Outcomes: Depending on what kind of illness someone has, they might be subjected to paying more money each month than healthy individuals would or they could be barred from benefits altogether; still, many companies offer policies specifically designed for people with bad health.
Generally, income protection policy costs are based on the sum assured, policy term, whether a full-term plan or a limited-period plan, your deferred period, etc. Your circumstances, such as your age, medical history, and so on, also come into account.
Yes, your business could pay for your income protection cover, but there are important considerations regarding this type of policy, its tax implications, and the benefits involved.