Income Payment Protection Insurance
Covers a percentage of your income and is paid directly to you and you choose how to spend it. It can provide for any monthly repayment such as loan, mortgage, rent, credit cards, school fees, food, gas and electricity and removes the need for separate cover (although you can just cover mortgage or loan repayments if you wish). It requires just one policy for your whole working life.
Why AntInsurances prices
are so low
Mortgage and Loan Payment Protection (MPPI or LPPI)
Covers only your loan or your mortgage repayment although some will additionally cover associated mortgage costs. Generally you would require a new policy with each new mortgage or loan you obtain so pricing and acceptance could then be affected over time by your health and your age.
What is Income Payment Protection Insurance
Income Payment Protection Insurance or Short Term Income Protection Insurance as it is also called, provides you with a monthly income if you become unable to work through accident, sickness or unemployment giving you time to find a new job or recover from illness. No medicals are required and individual habits such as smoking do not affect your premium or your eligibility.
The monthly benefit is a proportion of your net income and varies between providers, usually to a maximum of 75% but with a benefit limit, again variable, of up to £2,000 whichever is the lesser.
You may choose any proportion of that amount to be paid in monthly installments for a length of time that is determined by the benefit period you choose, usually to a maximum of 12 months for any one claim. This tax free sum is paid directly to you to spend as you wish and will allow you to continue to pay your monthly bills and provide the essentials for yourself and your family until you are able to return to work.
To find out if you might need Income Protection Insurance, ask yourself these 4 questions:
- What is the total cost of my monthly outgoings
- How long could I survive on my savings
- What are my company benefits if I become sick or injured
- How quickly could I realistically find work if I become redundant
Go to our income protection insurance site>>>
