Income Protection Insurance Redundancy

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Income Protection Insurance Redundancy

Have you thought about how you would manage to meet your financial commitments if you could not work because you became ill or disabled? State benefits will only pay about £70 per week maximum if you are entitled to claim. How would you make the mortgage payments, pay bills, look after your family and buy petrol, food, etc.

Every year in the UK there are about 2.7 million claims for incapacity benefit and about a million of these are turned down.

Income Protection Insurance, also known as Permanent Health Insurance, Income Insurance or Income Replacement Cover, provides you with a tax free monthly income until your selected retirement age if you become unable to work due to an illness or disability.

Income Protection Insurance premiums are calculated based on your occupation, age, health, estimated retirement age and the amount/level of cover that you choose. When applying for Income Protection Insurance, you will need to select a deferment period; this is usually 4, 8, 13, 26 or 52 weeks (the amount of time that you will need to be off work before you can claim).

Income Protection Insurance is often mistaken for Accident, Sickness and Redundancy Cover. Income Protection provides long term protection of income for illness or disability, whereas ASU provides short term cover for illness, disability and redundancy.

If you are made redundant it doesn't matter how much Notice of Redundancy is given or how generous the Redundancy Pay is, it is very rarely enough to give you financial stability until you have managed to obtain another job. This is where Redundancy Insurance is important. Getting Redundancy Protection from an independent broker such as UKinsuranceNET guarantees that you will receive truly impartial advice pertaining to your own individual circumstances.

UKinsuranceNET Accident, Sickness & Redundancy Insurance policies can be tailored to suit your individual needs. Simply click for a quote. Alternatively speak to one of our highly experienced consultants today on 0844 875 55 33 or fill out our online quote request form and one of our advisors will contact you.