Income protection insurance (sometimes known as permanent health insurance) is a long-term insurance policy designed to help you if you can't work because you're ill or injured. Still, it shouldn't be confused with life insurance.
Income protection ensures you continue to receive a regular income until you retire or return to work.
It replaces part of your income - if you can't work because you become ill or disabled.
It pays out until you can start working again - or until you retire, die, or end the policy term - whichever is sooner.
There's often a waiting period before the payments start - you generally set payments to start after your sick pay ends or after any other insurance stops covering you. The longer you wait, the lower the monthly premiums.
It covers most illnesses that leave you unable to work - either short- or long term (depending on the type of policy and its definition of incapacity).
You can claim as many times as you need to - while the policy lasts.
It doesn't matter whether or not you have children or other dependents – if illness would mean you couldn't pay the bills, you should consider income protection insurance.
Did You Know?
Each year one million people in the UK find themselves unable to work due to a serious illness or injury (ABI 2017).
Insurers pay out £13.9m per day in income protection, critical illness cover and life assurance which adds up to over £5 billion per year.
Overall, insurers paid almost all protection insurance claims (97.8%) in 2017.
You're most likely to need it if you're self-employed or employed and you don't have unlimited sick pay to fall back on. We cover the whole of the UK, but if you're in or around Mansfield, Sutton-In-Ashfield or Chesterfield, we can see you face to face with the rest of the country over the phone.
We love our customers, so contact us to ask for an initial telephone chat about your mortgage needs.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
How long could you survive on your savings if you're income stopped due to illness or injury?
We love our customers, so contact us to ask for an initial telephone chat about your mortgage needs.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
Direct: 01623 375007 Email: lewis@shawfinancialservices.co.uk
Open today | 09:00 – 20:00 |
Terms & Conditions
Lewis Shaw, FCA registration number 927754, trading as Shaw Financial Services, is an appointed representative of King Mortgages Ltd, which is authorised & regulated by the Financial Conduct Authority, FCA registration number 803561.
There may be a fee for arranging a mortgage. A typical fee is £598; however, this could be up to £998. Any fees will be discussed with you and agreed, in writing, prior to any work commencing.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. There is no guarantee that it will be possible to arrange continuous letting of the property nor that rental income will be sufficient to meet the cost of the mortgage.
The guidance &/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers in the UK. As with all insurance policies, conditions & exclusions will apply.
THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Registered Office Address - Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
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