Ascot Protection Expert
Income Protection can give you a monthly income if you get ill with a severe condition that prevents you from working for an extended period. The world of work has changed a lot lately, but one thing remains constant – most of us need to work to pay our bills and enjoy life’s pleasures like vacations, cars, and dining out.
However, even if we’re seriously sick, the bills won’t stop coming in. If you happen to fall ill or have an accident that keeps you from working, the sudden loss of income can be really tough to handle.
That’s where income protection comes to the rescue. It provides you with a regular income if you can’t work due to illness or injury.
If you would like to arrange a free consultation to help you understand which mortgage protection product will be right for your situation, including mortgage payment protection insurance, mortgage life insurance, income protection insurance and critical illness insurance cover, and any other options available please contact Ascot Mortgages – we are will be happy to explain things in a clear, unbiased and helpful way.
There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. This will typically cost £3 per month for every £100 of benefit. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk
Yes, income protection can be a valuable safety net. It provides financial support if you cannot work due to illness or injury, ensuring that you can maintain your standard of living and cover essential expenses.
Income protection provides a replacement income if you’re unable to work because of illness or injury.
The term depends on individual needs. Some opt for short-term policies, covering a few years, while others choose policies that last until retirement age.
It usually doesn’t cover unemployment due to redundancy, pre-existing medical conditions (unless disclosed and agreed upon), or any self-inflicted injuries.
Potential disadvantages include the cost of premiums, waiting periods before claims can be made, and potential exclusions in the policy.
The cost varies based on factors like age, health, occupation, and the level of cover. It’s advisable to obtain multiple quotes to get an accurate price range.
Income protection payouts are typically tax-free. However, if you pay the premiums from pre-tax income or through your company, then payouts may be taxable.
Income Protection is an insurance policy that pays out a regular income if you cannot work due to illness or injury.
It covers situations like serious illness, injuries, or disabilities that prevent you from working.
The coverage amount is usually a percentage of your gross salary, often around 50-70%. The exact amount depends on the policy terms and your chosen level of cover.
The duration varies. Some policies might pay out for a set number of years, while others continue until retirement age or until you’re able to return to work.
Yes, policies often have exclusions, such as certain illnesses or pre-existing conditions. It’s essential to read the policy’s terms and conditions to understand these exclusions.
Absolutely, self-employed individuals can benefit significantly from Income Protection, given they might not have other forms of sick pay.
Short-term policies typically provide cover for one or two years per claim, while long-term policies can provide cover up until retirement age if you’re unable to return to work.