Unfortunately, it’s not unusual to get sick and have to take time off work. If this happens, you can cover your finances by having Income Protection insurance. This type of insurance pays out a regular monthly income so that you are able to remain financially stable whilst you are not working.
Before your Income Protection policy in York can payout, you will have to bypass a deferral period. During this period, you will have to use your savings or something else as your temporary source of income. Some companies may offer an employee sickness scheme that you can access too. This deferral period can be defined upon taking out your policy; the shorter your deferred period, the higher the premiums that you will have to pay.
You will learn that every policy is different. The policy that you take out will be suited to your personal circumstances, therefore, it will not match another person’s policy. As your Protection Advisor in York, we can find you a policy and help you refine it so that you can get what you want out of it. Once we find a perfect policy, we will outline the deal for you and see whether or not this is the sort of product that you want to take out.
Some people may never use their policy and it may seem like a waste of money, however, the risk of not having one can outweigh the costs of having one. If your situation dramatically changes and you cannot work for a long period of time due to being ill, you may struggle to compensate for the lost income. You are expected to use some of your savings, but how much of it do you want to spend?
A lot of employers offer Income Protection as a bonus in their employee benefits package. You should find out whether you have this in place before you take out a new policy. On the contrary, this policy that you get with your work could have clauses such as a long deferral period and you may be looking to get a shorter one. In this situation, you may need to find out whether you can take out another policy on top of the current one offered by your employer.
People may rather use their savings over taking out Income Protection in York. If you opt for this, you will need to think about how you are going to afford living costs if you were to get ill. With the costs of living on the constant rise, it could be safer to have a backup plan in place.
Other similar insurance products include Critical Illness, however, this tends to cover life-long diseases or disabilities that will put you out of work for life.
As your Income Protection Advisor in York, we will work with you through the entire process, ensuring that you receive the best service possible. We offer a free insurance review to every customer; you can book this online or give us a call to arrange an appointment. Similar to our mortgage appointments, we will go through your personal and financial situation so that we can get an idea of what sort of deals you may be able to access. We will also look at factors such as your lifestyle, age and medical history, as they can affect the monthly premiums on your policy.
We will check whether Income Protection is the right option for you or not; we can always explore other options if it’s best for you. Income Protection insurance can sometimes be costly because you are paying out a full monthly wage for a long period of time. It can get even more expensive if you choose a short, deferred period with your policy.
For Income Protection Advice in York, feel free to get in touch and speak to our friendly team. We can’t wait to hear from you!
When it comes to different types of insurance, you need to choose carefully and make sure that you are getting the right one.
There are a few types of Income Protection insurance, here are the most popular:
This type of Income Protection is a basic cover that pays out when you are unable to work because of an accident, sickness or unemployment. These things can happen out of the blue, so it can sometimes be best to be covered just in case.
This policy pays out in monthly tax-free lump sums after your deferred period. It will usually pay out for 12-24 months. For this policy, you are expected to return back to work eventually.
You can spend the money that is paid out on whatever you want.
Basic Income Protection is designed to cover your wider income, whereas PPI is meant to only cover your outgoings, loans and debt repayments. Just because you are not working does not mean that you don’t have to meet your withstanding payments, you are still contractually bound to meet these. This is why it can be useful to have a backup there.
PPI usually comes in shorter terms, although, if you want it to pay out sooner or the insurance to last over a longer period, you should specify this upon taking out the policy.
This type of insurance allows you to cover mortgage payments. MPPI pays out a smaller amount so that you have cover for your mortgage payments if you fall ill, become unemployed and are unable to work. It will not pay out your monthly wage, it will match your mortgage repayments total.
Like the other kinds of Income Protection, MPPI will only pay out after your deferred period ends. MPPI is useful for those who have enough savings to cover their costs of living and don’t have any or only a few credit commitments or loans to pay off.
Speak to our Mortgage and Protection Advisors in York today.
As a specialist Mortgage and Protection Advisor in York, we will hold your hand through the entire process, trying our best to make you feel at ease at all times. Customer service is at the heart of our company and we want to ensure that everyone feels comfortable and also secure with us.
We offer a free insurance review to every single customer. You can benefit from this by getting in touch with our friendly team, who will be more than happy to speak with you.
We have access to many different insurance products through various lenders. Your insurance advisor in York will search through these catalogues in order to try and find the best deal for you and your personal and financial situation.
With over 20 years of experience, we are able to answer all of your mortgage protection and insurance questions. On top of this, we are available 7 days a week, therefore, if you have a question don’t hesitate to get in touch!
We can also help if you are thinking of taking out more than one insurance product through the ways of a menu plan. Speak to your Mortgage and Protection Advisor in York to find out more.
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