 Income Protection - an introductionIncome Protection, which is also known as Income Replacement Insurance, Permanent Total Disability Insurance or Permanent Health Insurance is a type of insurance policy which gives you a regular, tax free income to replace your salary if you have to give up your job because of an accident or illness. If you need more than the £70.95 which State Incapacity Benefit will pay you, in order to live, you need to think about Income Protection. Income Protection - why you might need itMost people take out Income Protection insurance because, although they have Life Insurance, Mortgage Protection or other policies that will pay out in the event of their deaths, they need something to give them an income if they can't work because of an accident or ill health. Thanks to medical breakthroughs, more and more people survive serious accidents or illnesses these days, but the financial consequences of giving up work can be devastating. For example, of the 27.9 million people currently working in Britain¹, over 2 million people have been claiming State Incapacity Benefit for more than six months². While Critical Illness Cover will give you a cash sum if you are diagnosed with a serious condition, Income Protection will give you an income. Income Protection - what else you should knowIncome Protection, or Permanent Health insurance, works by giving you a tax free income, usually until you reach your usual retirement age or until you go back to work. If you are self-employed, the income paid under the insurance is normally calculated on the amount of your taxable income, or profits, during the 12 month period prior to you becoming unable to work. Income Protection doesn't cover you against redundancy. If you want to ensure you have an income if you lose your job, there are several Redundancy Cover policies available from All About Insurance. When you take out your Income Protection Policy, you'll need to specify what kind of income you need, but most people choose around 50-65% of their current salary. Income Protection - get a quote todayWe have partnered with Burgesses Limited who are specialists in accident, sickness and unemployment insurance. Click the button below for product information:
Burgesses Limited has been recommended in a large number of local and national newspapers and magazines including The Times, The Telegraph, The Guardian, The Mail on Sunday and The Financial Times. In addition, its products have topped Which? ‘best buy’ surveys and it is the exclusively appointed provider of protection insurance to the members of The British Insurance Brokers’ Association (BIBA). Burgesses Limited are directly authorised and regulated by the Financial Services Authority under registration number 302674. More Information on Income ProtectionIncome Protection with All About Insurance Your questions about Income Protection, answered |
 
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