Today – Around 90% of Income Protection policies pay out
“Most IP providers pay an impressive 90% or more of claims. Insurance giants Aviva and LV both paid out 91% in 2011, while British Friendly and PG Mutual each paid 98%.” Which? 2013
Income protection is one of the most important insurance policies to consider and for as little as £10 a month you can provide financial security should you be unable to work due to accident, sickness or involuntary unemployment.
Income protection is one of the most neglected insurance policies with less than 10% of population having some form of income protection insurance, but could be one of the most important should you find yourself too ill or injured to work.
Compare income protection insurance quotes online now at www.activequote.com
Income Protection policies pay out
Why should I consider Income protection?
According to previous research just 12% of employers would support their staff for more than a year if they were unable to work due to sickness.
Income protection can provide you with a tax-free monthly benefit of 70% gross monthly income to assist you with mortgage repayments, household bills or maintaining your current lifestyle. You can choose how you spend your benefit however you like.
The government may give you a weekly benefit of a maximum of £106.50 in Employment and Support Allowance (ESA) if you are unable to work due to sickness or injury. This may not be enough to maintain your monthly outgoings.
What to look for when considering Income Protection?
There are many options to consider when you buy income protection and the most important is whether you want short or long term protection.
Long term protection can cover you up until retirement age, death or until you return to work if you cannot work due to illness or an accident.
If you looking for a cheaper alternative you may consider short-term income protection that provides cover usually for 12 months following a sickness, accident or involuntary redundancy.
Whilst short-term income protection policies are cheaper than long-term policies their cover is shorter and you may feel more secure with a long-term policy.
Compare Income Protection Insurance quotes
ActiveQuote Health Ltd is an insurance broker, fully authorised and regulated by the Financial Conduct Authority (FCA). We compare income protection insurance policies from leading insurers to give you the best price and policy to suit your needs and budget.
Visit www.activequote.com to compare quotes online or call one of our professional advisors on 0880 862 0373 for more information.
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