A study from Aviva found that while 36% of UK households live in recented accommodation (up from 31% in 2007) just 3% of them have income protection cover, leaving millions of people vulnerable, don't let this happen to you.
Short term policies
This type of policy, sometimes referred to as accident, sickness and unemployment insurance (ASU) is designed to pay out a monthly income for one or two years. It covers a percentage of your monthly income to help you pay bills. If you claim on your policy, there is a waiting period before it starts to pay out, you can choose how long you want this to be when you take the policy out. This is usually referred to as the 'deferred period' and can be from a few days up to two years. The longer the deferred period, the lower the premiums are likely to be.
Long term policies
These provide a regular income if you are unable to work due to illness or disability (but not if you are made redundant? until you are well enough to return to work or until you reach the end of the policy term, or die. Here, the premiums are likely to be higher because they cover a wider range of illnesses, including debiliating strokes and heart attacks not usually covered by short-term policies.
Income protection plans are designed to offer peace of mind for those who are working (self employed or employed) and can be a helping hand when financial planning. These types of plans can be adapted to meet your individual circumstances and needs as well as fit with any other protection plans you may have already.
As with all insurance policies, conditions and exclusions will apply
We can help you!
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.