Income Protection
Cover to protect your family’s lifestyle and home should the worst happen.
Families & Income
Financial cover when you need it most
If you or your partner were to become seriously ill, do you have the necessary resources to ensure your family can afford to pay the bills, the mortgage and live the lifestyle you would like?
Family and income protection products can help with things like paying the mortgage and making up for lost salary as a result of critical illness or death.
Critical Illness
Should yourself or your partner suffer a critical illness, you may need financial support during your recovery. Equally, following a critical illness some people may be unable to ever earn the same salary they did prior to the event due to a change in capabilities or mobility.
Critical illness cover can provide either a lump sum or a monthly income, whichever suits your needs best. You can insure single life cover for just yourself, just your partner, or both yourself and your partner (able to pay out for both individuals).
Alternatively you can take out joint life cover, which would pay out if one of you were to have a critical illness.
Income Protection
Income protection can pay out an income if you are unable to work due to illness or injury. If the sick pay available from your employer, or your savings or investments, would not be enough to support you then income protection insurance could be worth considering.
Income protection is designed to ensure you receive a regular income until you return to work, retire or pass away. Should you make a claim on your insurance, and then return to work, your insurance will still be available to claim on again until the end of the policy.
When you choose your insurance product, you can set the amount of time to wait before payments start. This will often be after sick pay will stop, or any other insurance products stop covering you. The longer this waiting period, the cheaper your insurance will typically be.
Guide
Accident, Sickness & Unemployment Insurance
Accident, sickness and unemployment insurance (often known as ASU) is a short-term income protection policy that can replace your income should you be unable to work. It is possible to purchase accident and sickness or unemployment protection policies separately.
Most ASU policies will only pay out for a set period, from a few months up to a few years. Income protection policies could be more suitable if you are looking for longer term insurance.
If you became unable to work due to an accident, sickness or involuntary redundancy, an ASU policy will typically pay out up to 50% of your salary for the defined term.
Mortgage payment protection insurance is a specific form of ASU insurance, which can cover your mortgage payments for a specified term.
You should be aware that some common work-related health issues, such as back pain, will often not be covered by this type of policy. Equally, if you are at risk of unemployment when taking out the policy you may not be covered for redundancy.
Talk to us about your specific needs to see if there is an ASU insurance product for your circumstances.
Talk to our advisers
PO Box 17324
Tamworth
Staffordshire
B77 5WD
01827 259658
[email protected]