Insurance Guides and Resources

Income protection insurance is a great financial product to invest in. With flexible cover options, deferment availability and income support in addition to sick pay – you can take time off work without having to worry about financial commitments.

Income Protection Insurance

Income protection insurance is a product like critical illness cover that can be brought alongside or separately to life insurance. It provides financial support for time off work for surprisingly cheap monthly premiums, which is why we think it is such a great cover to have, especially if you are self-employed.

How income protection insurance works

When you become too sick to work, due to an accident or illness you will receive the governments wage subsidy known as Statutory Sick Pay.  SSP will pay you £92.05 per week for a total of 28 weeks and no more.

You may benefit from a work place sick pay scheme at work which makes your situation slightly better, although your employer will likely only pay your wage for a total of six months – definitely worth checking in your work contract.

Neither scheme really allows for a long term absence from work and does put pressure on your recovery time.

Cover term times for income protection insurance

Income protection has flexible cover periods of;

  • 2 years
  • 5 years
  • Until retirement

Income protection insurance will pay 65% of your wage per month for however long you set your cover period and you can claim again in six months or reopen the policy cover in relation to the first incident.

The amount income protection insurance is not 100% of your monthly wages because it is tax free. Therefore if it was not capped at 65% you could be in receipt of more than your monthly wage each month which is illegal because it provides no incentive to return to work.

However, income protection insurance can be used in conjunction with SSP and a work place sick pay scheme, meaning you will be in receipt of your full normal wage packet for a longer period.

Best income protection insurance

Quick Quote Life have a host of advisors who can listen to your exact needs and then search for the best cover at the most competitive prices.

The advantages of using an advised service over a price comparison site include:

  • Professional advice from industry experts who understand the best product policy terms and cover options.
  • Less responsibility for an ill purchased product that does not pay out or met your cover terms.

Let us search the market for you. We have a wealth of experience in finding people income protection insurance and compare reputable insurance providers.

Some of the insurance providers that we consider offer the best income protection insurance policies are;

  • LV (Liverpool Victoria)

  • The Exeter

  • Legal and General

  • Royal London

  • Aviva

  • AIG Life

  • Vitality Life

You may recognise these companies as predominantly life insurance providers but they do offer other forms of insurance.

Quick Quote income protection insurance

Being a life insurance provider as well, Quick Quote know these companies well and are amongst the first to hear of any new policies they are bringing out that have great cover for limited time only prices.

Give us a call on our free phone number and tell us what you are looking for. You are under no obligation to buy through us but we are confident we can provide you with the best quotes and the cover that makes the most sense.

If you are worried about leaving a financial burden to your family if you became critically ill or died then we can also discuss life insurance and critical illness cover products with you too.

Our team are trained, friendly, knowledgeable, and will listen carefully to your exact needs.

CALL US FREE ON 0800 1075545 or GET A QUOTE

Quick Quote Life can help you save on insurance, get in touch with us today

Copyright © 2019 Quick Quote Life Limited, All rights reserved. This site uses cookies to improve your browsing experience. By using this site you consent to our use of cookies.