Like most of the people who work for a living in the UK, you are probably fairly dependant on having a regular source of income. It is estimated that the average worker in the UK could stay afloat financially for little more than two months if they were no longer able to work.
Before you fill out the income protection quote form below, take a minute to read over our income protection guide.
What is Income Protection insurance?
Income protection insurance is one way of ensuring that you will be able to provide yourself and honour your obligations if you should lose your main source of income because of unemployment, accident or sickness.
Income protection insurance will provide you with regular, tax free payments to substitute for your lost earnings. The payments you receive will be a set at a pre-determined percentage of what your earnings were before you needed assistance.
There are two basic types of income protection:
- Short term policies will provide you with cover for up to 12 months and is utilised by those who have become unemployed or suffered an accident that stops them from working. Most polices will pay up to £15,000 over those 12 months.
- Long term policies will cost you more in premiums but will provide with regular payments for as long as you are unable to work. As opposed to short term policies, the main concern for taking out a long term policy are related to health issues, as opposed to those of employment or accident related injuries