Income Protection Advice in Manchester

Income Insurance Advice in Manchester

Income protection is a form of insurance that provides you with a regular income if you are unable to work due to an illness or disability. It continues until you return to work or retire.

Income protection covers a wide range of illnesses and disabilities, with the expectation that you will eventually be able to return to work. However, if you are unable to do so, the insurance coverage will expire once you reach retirement age. The amount you receive from income protection can be multiple payouts, but there is a limit based on your salary.

We can assist you in selecting the right policy and determining the necessary specifications for your income protection insurance, and determine whether income protection would be beneficial for your personal situation

Speak to an Protection Advisor in Manchester

We are pleased to offer a complimentary insurance review to all new and existing customers in Manchester, conducted by one of our expert protection and mortgage advisors.

Income Protection can be a costly investment, considering the potential for multiple payouts. If you already have other insurance policies, we recommend assessing the overall costs and coverage provided by each policy.

When you decide to obtain an Income Protection policy, it is essential to fully understand its coverage and associated terms and conditions. Our protection and mortgage advisors in Manchester will assist you in navigating these aspects.

During your free insurance review, our dedicated team will carefully evaluate your personal and financial circumstances to determine whether Income Protection is the most suitable choice for you. Factors such as your lifestyle, age, and medical history will be thoroughly reviewed to identify the optimal policy for your needs.

Income Protection Insurance FAQs

What is income protection insurance in Manchester?

Income protection insurance is designed so it can pay you a monthly income if you are unable to work for any reason.It can come in two variants, either with a monthly amount that pays until you can work again, or a short-term version that pays only for a limited period per claim.

How does income protection insurance in Manchester work?

At the point where you become unable to work due to illness or disability, you will receive lump sum payments from income protection insurance in Manchester, to help cover things like your mortgage payments when you have become unable to earn the income to cover it.

There may be a postponement period after a claim, where the provider will hold off if your employer may offer you sick pay for a certain period, although this period can be determined when you set up your policy. A shorter deferral period usually means higher costs.

Do I need income protection insurance in Manchester?

You may already have Income Protection Insurance in place, which can be obtained separately or as part of your employer’s benefit program. It is advisable to review your employment contract to find information about the insurance policies provided by your company.

If you already possess a different type of insurance policy, such as Critical Illness cover, which specifically addresses illnesses and disabilities that can prevent you from working again, you may not require income protection. However, it is still a good idea to review your existing coverage to determine if there are any additional policies you may need in the near future.

Some individuals may choose to save money on Income Protection Insurance and rely on their savings instead. If you prefer to use your savings, it is important to assess whether you can adequately cover your living expenses during the required period.

Consider this perspective: What if you need more time off due to another unforeseen emergency? Do you have sufficient additional savings to cover the associated costs?

Our Simple Step by Step Process

Free 30-Minute Insurance Review

Please consult with a dedicated protection advisor in Manchester to discuss the potential insurance options that are relevant to your needs. Alternatively, you can consider listening to our recommendations.

When you meet with one of our mortgage and protection advisors in Manchester, they will go over your medical history with you. This process involves gathering some initial information in order to make an informed decision.

We Will Search Through Different Insurance Products

We will meet your available monthly budget and create a tailor-made plan that surrounds your current personal and financial situation.

Our team can search the market, to find the most suitable insurance product, to protect you and your family.

Submit Your Insurance Application

Once we have found the right product for you and you are happy to continue, we will submit your application to the provider.

Occasionally, the policy provider may return to us for further information before they will consider accepting the application.

Protecting You and Your Family

If you have also taken out your mortgage with us, we will contact you again at the time of the remortgage. We will also take this time to look at any policies you have in place.

The circumstances change and the policies you took out at the beginning of your mortgage may no longer be suitable for you at the time of your remortgage.

Reasons to Choose us

Free Insurance Review

We offer all new/existing customers a complimentary protection review where we will examine any current policies you have and assess their suitability.

Afterwards, we will suggest which products, such as critical illness income protection and/or life insurance, align with your requirements. If necessary, we will tailor the plan to fit within your monthly budget.

1000’s of Deals

Your protection advisor in Manchester will consistently provide clear and transparent mortgage advice in Manchester. Throughout the process, they will work on your behalf to find the most suitable arrangement based on your personal and financial circumstances.

Our Service

With over 20 years of experience in the mortgage and protection industry, we have assisted numerous customers in acquiring Income Protection products in the past and we could assist you next!

7 Days a Week

Our protection and mortgage advisors in Manchester are dedicated to ensuring your protection and securing the appropriate policy that will provide financial assistance when it is most needed.

Income Protection Policies in Manchester

Accident, Sickness and Unemployment

This form of Income Protection provides coverage for unexpected events that can disrupt your finances. In life, you may encounter accidents, illnesses, or unemployment, all of which can impact your income.

This protection comes into play when you fall ill, have an accident, or lose your job. You will receive monthly lump sum payments that are tax-free and serve as compensation for your lost income. These payments usually continue for a period of 12 to 24 months. The aim of this policy is to support you until you can return to work.

Once the policy is paid out, you have the flexibility to use the money as you wish.

Payment Protection Insurance

This type of income protection also covers your regular monthly debt repayments, such as loans, mortgages, and credit cards, that you are unable to pay due to your inability to work.

When you take out this policy, you will need to specify the duration for which you want the coverage to be in effect. Generally, these policies are designed for short-term protection.

Mortgage Payment Protection Insurance

If you become unable to work and struggle to keep up with your mortgage payments, Mortgage Payment Protection Insurance (MPPI) can cover these costs. Instead of providing your full monthly income, it is typically utilised to cover your mortgage payments. In some cases, you may receive a slightly higher amount to cover bills and other minor expenses.

Usually, your mortgage payment protection insurance will only provide coverage for up to 12 months or until you can resume work. Once you are back to work, the payments will cease.

Last Edited 12/06/2023