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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
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 in Manchester.
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.
At Manchestermoneyman, we offer every customer a free insurance review, no matter their situation and always provide expert mortgage advice in Manchester. We will go through your personal and financial circumstances and check whether Income Protection is the right option for you. Factors such as your lifestyle, age and medical history can affect the monthly premiums that you will have to pay on your policy.
Income Protection insurance can be costly, and even more so if you choose for a short deferred period with your policy. If you have other Insurance policies in place, it could be beneficial to work out the total costs and what you are covered for.
Before taking out your policy, you should be aware of the specifics, when it pays out and the conditions that come with the policy. Your Protection Advisor in Manchester will help with this.
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.
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.
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?
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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 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.
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.
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.
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.
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.
As a mortgage broker in Manchester, 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!
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.
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.
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.
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.
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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