Compare Income Protection

Compare Income Protection if you are unexpectedly unable to work due to an accident, sickness or unemployment, in partnership with Assured Futures

Income protection insurance offers you replacement income if you suddenly became unemployed or unable to work due to illness or injury. There are multiple types of income protection, that offer short and long-term cover. If you are concerned about what could happen if you were to become ill or lose your job, income protection insurance could be an option to offer you and your family security you require.




DO I NEED INCOME PROTECTION?


The best way to work out if Income Protection could be the right option for you is by asking yourself if you could manage financially if you were to lose your income through injury or illness. Finding yourself without your regular salary could see you burning through your cashflow and savings very quickly, with most having a mortgage or rent to pay for, as well as utilities and food. Opting for income protection insurance could provide you with the security of up to 70% of your regular income to cover your monthly spending.


TYPES OF INCOME PROTECTION?

Payment Protection Insurance

With Payment Protection Insurance your insurer will cover part of, or all of the repayments on any of your outstanding loans, up to two years.

Accident, Sickness and Unemployment

Accident, Sickness and Unemployment cover will allow you to receive up to 70% of your standard monthly salary for a year.

Mortgage Payment Protection Insurance

Mortgage Payment Protection offers you the security that your mortgage payments are covered if you suddenly cannot work. This is normally up to 12 months.



SHORT OR LONG TERM INCOME PROTECTION?


The cover you have will depend on the type of income protection insurance policy you opt for. The length of time you are covered for will vary depending on the type of policy and provider you select.

Short Term Income Protection

Short term income protection can cover you for sickness, accidents and unemployment if you find yourself unable to work for a short period of time. Policies typically cover you for one or two years.

Long Term Income Protection

Long term income protection, looks to cover you against sickness or an accident that leaves you seriously ill or disabled. This type of policy will not cover unemployment. If you are unable to work again due to these factors long term income protection will provide a regular monthly income up until retirement  or until the policy term ends (whichever is met sooner).



FAQS

Income protection is a term that covers multiple types of insurance products. This includes policies that look to make repayments on your mortgage or loans and cover those who find themselves out of work financially.

If you lose your job then yes, some types of income protection insurance will cover this providing you lost your job through no fault of your own. If you decided to leave your job without another role lined up or you were to be fired for gross misconduct for example, your policy most likely will not pay out.

If you change jobs, you will be able to keep your current same policy, however you should update your insurance provider so they are aware.

If your salary increases you may also want to increase your income protection cover amount. On the flip side, if your new role were to come with extra benefits such as favourable sick pay, you might opt to decrease the level of cover you have.

Yes there are policies available for those who are self-employed. You will need to specify your employment type with the provider. Some terms may differ but self-employed Accident, Sickness and Unemployment policies will cover you in the event you can no longer work due to injury or illness.

The majority of income protection policies tend to pay out for one year, or up to two years in some circumstances. If you are still unable to work after this period, there is government based support to assist you.

Upon death, your income protection insurance will cease. If you do have dependants who rely on your income to support financially you could consider taking out life insurance. Life insurance will give your family or dependants financial protection if you die.

Opting for Mortgage Payment Protection will cover your mortgage if you were to lose your job through circumstances out of your control.

When applying for income protection, you specify what you would like to be covered for, this could be: your income, your mortgage or even loan repayments.


SavingSuperStore are an Introducer Appointed Representative of Assured Futures Ltd, who are authorised and regulated by the Financial Conduct Authority (FCA) under FRN: 176392.