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Income Protection Advice in York

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Income Protection Advice in York

Income protection insurance provides financial support if you become ill or disabled and are unable to work in York.

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Income Protection Insurance Advice in York

Sickness can affect anyone, potentially hindering their ability to work. That’s where Income Protection insurance comes in handy, ensuring a steady monthly income in the event of such circumstances.

Upon a valid claim, the policy disburses a lump sum distributed in monthly installments until you can resume work or retire. During the deferred period before payments commence, individuals are expected to utilize savings, an employee sickness scheme, or an alternate income source. This waiting period can be customised when acquiring the policy, with shorter deferral periods resulting in higher monthly premiums.

Each policyholder’s terms are unique, tailored to their specific needs. As your protection and mortgage broker in York, we guide you through the entire process. The initial step involves identifying the right policy and configuring specifications to align with your individual financial situation.

While some may never need to claim on their policy, the potential risks of being without one often outweigh the associated costs. In the absence of a backup plan, changes in circumstances could leave you struggling to compensate for lost income. Our team in York is available to provide advice on Income Protection or any other insurance queries. Don’t hesitate to reach out for more information.

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Income Protection Advice in York

Do I need Income Protection Insurance in York?

Many employers include this as part of their employee benefits package; as a result, some applicants might already possess Income Protection insurance. In such cases, there’s no necessity to obtain an additional policy unless transitioning to an employer without this benefit.

Individuals may choose to rely on their savings instead of procuring Income Protection. Opting for this route requires careful consideration of how one would manage living expenses in the event of illness.

If you prefer to preserve your funds and secure a policy for regular payments, Income Protection could be the optimal solution for you.

While Critical Illness insurance is an alternative, it typically covers enduring diseases or disabilities that result in permanent unemployment.

Before reaching a decision, we advise consulting with a qualified protection and mortgage advisors in York. Leveraging our expertise, we assess your unique personal and financial situation, assisting you in finding the most suitable insurance product tailored to your specific needs.

Speak to an Income Protection Advisor in York

At Yorkmoneyman, we offer every customer a complimentary insurance review, regardless of their situation, and consistently provide mortgage advice in York. We thoroughly assess your personal and financial circumstances to determine if Income Protection is the suitable choice for you. Factors like your lifestyle, age, and medical history can influence the monthly premiums associated with your policy.

Income Protection insurance can be expensive, especially with a short deferred period. If you already have other insurance policies, it’s advantageous to calculate the overall costs and coverage provided.

Before finalising your policy, it’s crucial to understand the specifics, including when it pays out and the associated conditions. Your Protection Advisor in York will assist you in navigating these details.

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Income Protection Insurance FAQs

Is it worth speaking to an Income Protection Insurance advisor in York?

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Speaking to an Income Protection Insurance advisor in York can be worthwhile as they can provide personalized advice based on your specific financial situation and needs.

I have other insurance, like Critical Illness Cover. Should I still consider Income Protection Insurance?

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Even if you already have Critical Illness Cover, it may still be beneficial to consider Income Protection Insurance, as the two policies serve different purposes. Income Protection Insurance provides a regular income if you’re unable to work due to illness or injury, offering additional financial security beyond a lump-sum payout for critical illnesses.

What information do I need before finishing my Income Protection Insurance policy?

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Before finalising your Income Protection Insurance policy, it’s important to gather information such as your current income, employment details, medical history, and any existing insurance policies. Providing accurate and comprehensive information will help ensure that your policy is tailored to your specific circumstances.

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Our Simple Step by Step Process

Free 30-Minute Insurance Review

Step 1

Your protection advisor in York will discuss your health history with you, gathering essential information to make well-informed decisions.

We Will Search Through Different Insurance Products

Step 2

With access to a vast array of insurance products, our team will search extensively to find the most suitable coverage to protect you and your family.

Submit Your Insurance Application

Step 3

Once we identify the most suitable insurance product for you, we will submit your application to the provider. On occasion, the policy provider may request additional information from us before considering your application.

Protecting You and Your Family

Step 4

For customers who have obtained their mortgage through us, we will proactively reach out to you during the remortgage process. This presents an ideal opportunity to review any existing policies you have in place.

Reasons to Choose Us

Free Protection Review

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As a specialist Mortgage and Protection Advisor in York, we know how important it is to have the right policy in place that has the correct terms and specifications to fit your personal and financial circumstances.

1000's of Deals

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We have been helping clients for over 20 years now. Our team is trained, knowledgeable and hardworking; trying to find that perfect policy for you is our number one priority.

Our Service

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Your dedicated protection and mortgage advisor in York will be open and honest with you at all times, only recommending you a deal that benefits and suits your circumstances. From start to finish, they will be right by your side.

7 Days a Week

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We have collected some excellent reviews! Take a look at what past customers have said about our service and their experience with us. Head over to our reviews page to find out more.

If you are thinking about taking out more than one insurance policy at one (menu plan), we can also help with that. Just get in touch with our team and find out more!

Malcolm and Amy Davidson - Mortgage Advice in York

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Different Types of Income Protection Insurance in York

Accident, Sickness and Unemployment (ASU)

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Accident, Sickness and Unemployment (ASU) insurance provides financial protection by offering coverage for individuals who face setbacks like accidents, illnesses, or unemployment, ensuring they can still meet their financial commitments during challenging times.

Payment Protection Insurance (PPI)

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Payment Protection Insurance (PPI) is a type of coverage designed to safeguard borrowers by helping repay loans or credit in the event of unforeseen circumstances such as illness, unemployment, or death. It is commonly associated with loans, credit cards, and mortgages.

Mortgage Payment Protection Insurance (MPPI)

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Mortgage Payment Protection Insurance (MPPI) specifically focuses on safeguarding homeowners by covering mortgage repayments in situations like sickness, accidents, or unemployment, offering a safety net to ensure that individuals can keep up with their mortgage obligations during difficult periods.

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Yorkmoneyman.com & Yorkmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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