Short Term Income Protection

The loss of your income through sickness or redundancy could prove to be a financial nightmare for you and your family, particularly with bills to pay and mortgage repayments to make.  To avert any such disasters should the unexpected happen, a short term income protection insurance policy may be something that you might consider to provide financial peace of mind.

A short term income protection insurance policy is designed to protect you from the serious financial damage you could be subject to in the eventuality that you lose your income through an illness or injury, or through redundancy. 

 
If you are looking to find a competitive quote for income protection insurance, please use the quote box below:

A short term income insurance policy is designed to work in the following way:

• You are normally entitled to claim on your policy to receive financial support if you become unable to work due to illness or redundancy.
• This financial support normally comes as a monthly tax-free sum (capped as a percentage of your salary with an upper limit) paid directly into your bank account, keeping you in control of your finances.
• These payments are normally paid to you following a ‘deferred period’ of being off work.  You will generally choose the length of this deferred period when you initially apply for an income protection insurance quote – usually ranging from 30 days back to day one to 120 days.
• Usually, you will be able to receive these payments for as long as you require within the designated entitlement, which is usually twelve months on a short-term policy.
• Your cover will not usually cover you for any pre-existing medical conditions you may suffer from.

If you require cover on a more long-term basis, there are providers who will offer income protection insurance quotes that may cover you for longer periods of illness.  

Case Study

Mr Bates, 49, is an engineer from Plymouth.  Last year, he was injured in a horse riding accident, resulting in him being unable to work for several months.

Luckily, he was covered by a short term income protection insurance policy, meaning that he was able to keep up with his mortgage repayments, as well as his other household bills. Mr Bates has since made a full recovery and returned to work, but he has kept going with his policy, safe in the knowledge that, should a similar situation arise in the future, his insurance could pay out for him again.