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income protection insurance

Income protection in the event of ill-health, is designed to replace income when a policyholder is unable to work due to illness or injury. In the UK, benefits are generally calculated based on the percentage of the insured’s salary. We work with clients throughout the UK to find the best insurance deals.

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Income Protection Insurance

What is

income protection

The purpose of an income protection policy is to replace part of an insured policyholder’s income if they are unable to work through ill health, accident or are disabled. A policy will generally pay out until either the insured is well enough to return to work, the end of the policy term, or unfortunately the death of the policyholder. Equally, benefit period policies available with terms of between 1 to 5 years, these plans generally will reduce the premium costs and make income protection more affordable. However, you should note that if an illness continues beyond the benefit term, that the benefit will cease at the end of the benefit term.

Most policies will have an initial waiting period before a benefit payment is made. This is normally referred to as the deferred period. The deferred period can be tailored to fit around employer benefits and provide payment after an employer’s sick pay benefit ceases.

As an example, if an employer grants 100% pay for a period of 8 weeks in the event of sickness. Then the deferred period could be tailored to 8 weeks, so that the policy benefits replace some of the lost income.

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Income Protection

insurance

income protection policy

There are many factors that make up an income protection policy, such as;

  • age or non-age costed
  • deferred period
  • indexation options
  • waiver of premium
  • benefit payment periods

Due to the complexity of differing insurance contracts and options available, we would highly recommend advice from a qualified adviser. MMPE can help in providing advice with regards to the correct products, benefits and levels of cover required.

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3 simple steps

1. Personal Details

My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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      Automatic Property Value Updates

      Changes in property value, coupled with a potential reduction in your loan amount (with a repayment mortgage), mean a change in the equity available in your property (Loan to Value); hence there could be improved opportunities for a better mortgage for you.

      Product Expiry Date

      Sussed will track when your mortgage is due to expire (usually when your mortgage payments rise substantially as you will automatically transfer to your lender’s standard rate).

      The app will alert you when it’s the right time to discuss your options with your mortgage broker.

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      This feature is ideal for today’s economy and increasing prices. Sussed will continually scan the market, looking for the best-fixed rates available, especially when interest rates are rising.

      Using a series of algorithms, our clever technology can identify longer-term fixed rates available today that could save money against predicted rates at the end of your current product term (including the cost of transfer) – sussed is doing all the hard work.

      Equity Available

      With automatic property value updates and your Mortgage information loaded, this feature calculates the amount of equity and the maximum potential loan that may be available within a landlord’s portfolio. This will assist with seeing if there is the opportunity for to perhaps buy another property from leveraging your portfolio.

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      This feature is there waiting for interest rates when they reduce. Using the same technology as Rate Riser, sussed will identify if your current deal is now able to be improved.

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      Regional Price Limits

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      • East Midlands - £261,900
      • London - £600,000
      • North East - £186,100
      • North West - £224,400
      • South East - £437,000
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