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    What is Income Protection?

    Income protection is a long-term insurance policy that helps you financially should you find yourself unable to work due to injury or illness. Be aware, this product shouldn’t be confused with life or critical illness insurance.

    When it comes to income protection, the aim is to ensure you continue to receive a regular income until you are able to go back into work.

    There are different ways in which income protection pays a monthly benefit:

    • It can replace part of your income all the way until you either go back to work, retire, die or reach the end of the policy term
    • Or it can replace your income for a limited period (either 1,2 or 5 years) or until you either go back to work, retire or die – if this happens sooner

    Getting professional advice is therefore essential to ensure the policy and cover is right for your individual needs.

    When do you receive payment with income protection?

    When it comes to income protection, there is sometimes a waiting period before you start to receive payment. This is usually after sick pay ends and after any other insurance stops paying. What’s interesting to note is that the longer you wait the lower the monthly premiums.

    Most illnesses that leave you unable to work are covered in both short and long-term capacities dependent on the type of policy you acquire. Whilst this policy is active, you are able to claim as many times as necessary. So whether you have dependents such as children or bills that need to be paid, you should consider taking out an income protection policy.

    What are the facts to consider?

    According to the Association of British Insurers, through policies such as income protection, critical illness cover and life insurance, insurers paid out £17 million per day in 2020. This adds up to over £6.2 billion in the year.

    98% of all claims were paid and ‘non-disclosure’ was the biggest reason for declining individual income protection claims.

    Musculoskeletal illnesses and mental health problems were the most common claimed for conditions under individual income protection plans.

    Who needs Income Protection?

    When it comes to income protection, the best candidates are usually the self-employed as they don’t have employer sick pay benefits to fall back on. The employed who have little or no employer benefits should also seriously consider protecting their income in the event of long term accident or illness.

    For more information on whether income protection is right for you and your family, get in contact with AP Mortgage Solutions now and see how we can help you. Pick up the phone and give us a call.

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    Why Critical Illness

    This video made by Aviva explains why critical illness is so important. We arrange critical illness from a number of different insurers, not just Aviva. As with all insurance policies, terms and conditions as well as exclusions may apply

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