If you are unable to work due to sickness or disability then income protection insurance will help you pay the bills on a monthly basis up to a certain percentage of your annual income. Once you have been accepted the policy cannot be cancelled by the insurer which means you have no concerns about the policy being withdrawn if you have health problems in the future. There is no limit with regard to the amount of claims you can make on your policy or the length of the claim period.
An Income Protection Insurance Policy can cover you up to retirement age and the premiums can be lowered if you defer the payout date if you make a claim.
If you are already receiving sick pay from your employer you cannot claim the full amount but you may be entitled to a smaller payout to top up what you already get. The policy is flexible enough to pay out a reduced amount even if you return to work on a part time basis following a claim.
If you are thinking of a less expensive short term option then Accident, Sickness & Unemployment cover (ASU) may be an option. This type of policy is renewed annually and will pay out for a maximum of 12 to 24 months after receiving your first payment. Although backdated to day 1, you can defer payments to 30, 60 or 90 days to make the policy less expensive.
You can claim just once on these policies and the insurer can cancel the insurance when renewal of the policy occurs annually.
Our Independent Financial Adviser will assess your needs and advise which is the best policy for you.
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