Cheap Income Protection Insurance In Uk
Income protection insurance will be a safety net if a person find themselves out
of work by getting effected with an accident or being off work due to long term sick or finding themselves unemployed through no fault of there own. Though a person is dragged into unemployment due to some unfortunate reasons, Income Protection Insurance assures them an amount that can help them maintain there monthly expenditure.This Insurance is also known as Permanent Health Insurance or Income Replacement Cover. It is is available from any of the insurance company in UK for both the categories--workers and self employed. This policy pay out a percentage of once income if they are unable to work due to an accident or illness until they go back to work, die or get retired.
Income Protection Insurance is very essential for self employers, because in an event of them being unable to work due to an accident or illness, their income will instantly get ceased whereas a worker or an employer will often be paid by their company for several weeks or even months in any such case.
Therefore, a worker or an employer wouldn't require the policy to pay out until their payment gets stopped, but a self employer or a business man will often need the policy to pay out immediately. The quicker you require the amount from an Income Protection Insurance the more expensive it would be.
The cost of an Salary Protection Insurance policy is affected by the type of once profession i.e., an electrician is statistically more likely to suffer with an accident than an accountant and therefore an electrician may have to pay a higher premium. Also, obviously the level of income that the policy pay out will affect the premium of this policy this means--the greater the income the higher the premium. Please be informed, there is a limited percentage to insure your income.
There are many other things that need to be considered like, are the premiums guaranteed throughout the term of the policy? or is it reviewable after few years?. Is self inflicted injuries excluded from the policy?
Having Salary Protection Insurance or not having such insurance could let you know the difference between having a reasonable standard of living or struggling on benefits in the event of your sufferings due to an accident or illness.
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