Income Protection Insurance is insurance to protect your income against a number of possible eventualities. Short-term income protection covers you for eventualities such as sickness, injury or shorter-term illness, whilst long-term income protection will cover your income for longer periods, perhaps a more serious injury or illness, or disability. Both will cover you for your income until you are ready to return to work or until the end of the term of the cover.
Short-term income protection is designed usually as insurance when taking out a loan and is designed to ensure the loan payments against the borrower’s inability to work through accident or illness. Most of the time this short-term Income Protection Insurance is not obligatory but gives great peace of mind to the borrower, knowing that in the event of any serious issues the main loan and their income will be covered.
Longer-term income protection insurance is designed for those looking to have insurance in place that will protect them long-term, for the duration of the policy to offer peace of mind that any financial commitments that they have will be covered in the eventuality of long-term illness, loss of employment or even loss of life. Premiums are dictated by medical history as well as age. Needless to say, lifestyle is examined also, as certain lifestyles will impact the possibility of making a claim for illness for example, and premiums are adjusted accordingly.
Should you be interested in income protection get in contact with our specialist team. We have vast experience in this sector and can advise on which income protection policies, short or long-term may be the most suited to your age, lifestyle and of course budget. You will also need to consider the income sums required to cover your beneficiaries.
Should you be interested in income protection get in contact with our specialist team. We will advise and make a personal recommendation to you after we have assessed your insurance needs. As a company, we have decided to advise on Income Protection from a single company called Vitality (Vitality Life / Vitality Health).