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Income Protection Insurance

Income protection insurance, sometimes known as permanent health insurance (PHI) will provide you with a monthly income if you are unable to work due to long term illness or injury.  You can receive a monthly income based on your current earnings, usually 50-60%.  Payments can continue until you are well enough to return to work or until the end of the policy term.  Most policies can run until aged 65.  So for example, if you had a severe illness at 40 and the policy was due to finish at age 65, you could get a monthly income for 25 years.

What if I get sick pay from my employer?

An income protection policy can be used in conjunction with sick pay from your employer.  If your employer pays you for 6 months you can set up the income protection policy to have a 6 month waiting period, this gives you a big discount in monthly premiums.

What if I'm self employed?

If you are self employed this protection may be even more important as you will have no sick pay entitlement and less help from the state.  As long as you can provide proof of income you can take out this type of policy.

What if I'm made redundant?

A couple of the life insurance companies I use do offer redundancy cover as well.  The other option is to take out a stand alone policy to give you redundancy protection.

My husband/wife stops at home to look after the children, can they get cover?

Yes.  It is possible to get cover for a "house person".

To arrange a no obligation income protection review, please go to the Contact page.

The information contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the uk

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