INCOME PROTECTION INSURANCE
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Income Protection Insurance FAQ
Theoretically, you can take out as many income protection policies as you like. However, you will be limited to only being able to cover a set percentage of your income. You can’t change this by taking out more policies and you need to make sure that you don’t exceed the max allowed.
If you do make a claim, you will be asked whether you have a continuing income. This does include any other insurance policies that you have taken out. If you have multiple insurance policies then this will impact the level of cover that you are provided. Depending on the plan you choose you may be able to cover up to 65% of earnings and you can do this across multiple plans.
The amount of time income protection is paid for will differ depending on your policy. Short term policies will cover anything from a couple months to a couple years. In contrast, long term policies will typically continue to payout until you retire or until you are able to return to work. It’s important to discuss the length of the policy when you are applying for this type of coverage. You need to make sure that the length of coverage suits your needs.
There are multiple ways to compare income protection policies. You can use a comparison website like compare the market. One of the great advantages here is that you can arrange for the companies with the best quotes to contact you directly. You can also contact companies individually and ask for an income protection quote. Make sure that you research the best companies and pay particular attention to customer care standards. It’s important that you find a business which will offer the full support you need.
Income protection is designed to provide cover for any illness or injury that means you are unable to work. As such, if you suffer a disability that means you are unable to work, you will be able to claim on this insurance plan. However, this will only provide coverage for the length of the plan you have taken out. Long term insurance plans can continue to pay until you retire, pass away or reach an age that is set in the policy terms. As such, it is possible to arrange a plan that will cover a disability which means you are unable to work for the rest of your life. It is also possible to claim an existing disability that has gradually become worse and left you unable to work. Be aware that insurance protection plans will often include you providing information on any illnesses or disabilities that you already suffer from. This will impact the premium for your coverage. You may also find that certain permanent disabilities are not covered as part of specific plans. This is another detail you should enquire about when exploring different income protection quotes.
Income protection insurance covers a wide range of illnesses. The types of illnesses that are covered will differ depending on the policy and the company that you choose. However, you could get cover for anything from illnesses caused by stress to a serious heart condition. Essentially, if an illness means that you are unable to work, then it will be covered under your plan. So, you could have back cancer that means that you are unable to sit at a desk all day or you might be suffering from RSI. Illnesses and conditions like this will typically be covered. However, it is worth asking about what illnesses are covered before taking out a policy. The full list of illnesses covered can differ from company to company.
Income protection insurance will not impact your sick pay. Instead, the insurance is designed to provide cover once the sick pay ends. Employees differ on how long they will provide financial support to an employee who is injured or has fallen ill. The longer you are provided sick pay, the longer you will be able to hold off claiming on your insurance coverage.
You can not claim income protection if you are working. Income protection insurance is specifically designed to provide support during a time when you are unable to work. You will face serious issues if you attempt to claim while you are still able to work and thus earn a full income. Theoretically, you may still be able to earn some form of income and claim on your coverage. However, this will drastically impact the level of payout that you receive.
Key Person Income Protection Insurance
As a director you can take out income protection through the company. Read more here.
Self Employed Income Protection
Check out our guide on self employed income protection insurance here.
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