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What if you were to have an accident and was unable to work?
Would you be able to continue paying the mortgage or any loans you may have.
Even just twelve months of been unable to work can have a devastating effect on your life and that of your families life.
Income protection insurance covers a percentage of your monthly income should you no longer be able to work due to an accident, illness or injury.
It pays you a monthly income of between 50% - 65% of your gross current working income.
This is paid to you until you are able to return to work or until your retirement age (up to a maximum of 10 years).
Here at UK Life Insurance Solutions we offer a flexible range of income protection insurances to suit all levels of cover and incomes.
Payment of your Income Protection Insurance policy will usually start on your deferment payment date which is a date agreed between you and your insurance company. This is normally when your sick pay (if applicable) stops.
When your deferment payment starts from when you are unable to work has a direct impact on how much your premium will be and the longer the gap between them both the lower your premium will be.
Please note that you are legally not allowed to make a claim on your Income Protection Insurance Policy whilst you are still being paid by your employer (which can also include sick pay).
Please also note that this insurance does not cover you should you be made redundant or unemployed.
Still unsure? Visit our UK Life Insurance Jargon Buster page which explains all the complicated insurance terminology.
Alternatively, you can visit our help / faq’s page which answers many different frequently asked questions.
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