The Need for Income Protection Insurance
B. Portwood & Co Ltd offer income protection insurance to
protect you as a UK resident cover against accident, sickness or
unemployment..
- With many people becoming unemployed or facing redundancy their is a
need for protection. It is sensible for you to ensure that there is income protection insurance
in place so you can pay your monthly bills
- Your home is your most valuable asset. Protection is also needed in
case you have an accident or become sick and cannot work. In this case there is a need for
mortgage protection insurance to provide cover for your payments.
- The protection may include your mortgage but we can extend insurance to
cover other monthly bills - the insurance company can provide substantially more protection.
- The protection limits are set by your salary. Mortgage protection
limits are usually mortgage payments + 25%. Amount above this can be protected using
income protection.
- The protection will be restricted in the length of payments, but you
can protect against accident and sickness, unemployment or both accident sickness and
unemployment.
Your income protection insurance quote starts here. Click the Image

For an
alternative income protection insurance cover suitable for the under 30s or 40s, click
here
Difficulties obtaining income protection insurance
- If you happen to be self employed, income insurance is difficult because
many companies do not cover this sort of occupation. We do.
- The income protection may not be offered if you are in a family firm insurance companies do not wish to
insure people who have control over their employment for mortgage protection - nevertheless
we can advise that we can. Unemployment is defined as 'cessation of trade'.
- There are greater risks attached to income protection for some
occupations
- Accident and sickness cover is usually offered at the same rate no
matter what occupation you are in.
- Income protection rates are higher with some
companies for high-risk occupations (It, Financial Services, Tourism and the like)
- We have difficulties if you are behind in your payments.
Cover Limitations
Companies providing income protection insurance,
will normally only do under certain restrictions.
- If you want income protection you must not be expecting to become
redundant/ unemployed.
- There are age restrictions - you must be over 18 and under 61 - but the
cover may last till you are 65
- You must be in full-time employment (16+ hours). You may be self
employed but unemployment cover is then 'cessation of trade'
Limitations of income protection insurance
- Cover will be restricted - for the first 120 days unemployment will be
excluded.
- Benefits will be paid for 12 months as a maximum
- To continue cover you must pay the premium when you are unemployed.
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