Income protection insurance (previously known as permanent health insurance or PHI) is a UK income insurance policy designed to payout a specified monthly benefit to replace your salary in the event of you being unable to work due to disability or accident or sickness.
If you are self employed, a tradesperson (eg builder, scaffolder, welder or in Class 3 or 4 occupations) or in a specialist professional occupation (eg. dentist, surgeon), you may find a policy from a Friendly Society more competitive - more details here
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Protect your Income and Salary from an unexpected illness or disability.
Income Protection Policy Features :-
You choose the deferred period to suit your needs, this ranges between 4 weeks and 2 years - back to day one cover available with some policies. Income Protection Insurance provides an income commencing after a deferred period for a person who is unable to work due to sickness or injury. The policy has a fixed term, usually to retirement age of 60 or 65. The policy, when in place, is permanent. The premiums cannot increase (unless a reviewable premium is chosen). There is a maximum insured income limit based on several factors. Please contact us for your specific situation. The benefits can be level or increase at a fixed amount. Premium rates are occupation based. Maximum income typically up to 65% of your earned income.
Income Protection Policy Insurance Benefits :-
Income is paid for the duration of your illness or incapacity or/and until your selected end date (typically to your retirement date). If you recover then become ill again you can recommence your claim or if it is for a different incapacity, claims are not restricted to one event. Benefits paid for short and long term incapacity, subject to the deferred period. The insurance company cannot cancel cover once you have been accepted. You can cancel, they cannot. Inflation protection can be provided by arranging an increasing policy. This provides increasing cover to take into account rising future costs. Guaranteed premiums are available with most insurance companies.
Income Protection Policy Insurance Limitations :-
You may receive exclusion for any pre existing medical conditions. Some occupations may be excluded from cover.