Income protection insurance is a long-term insurance policy, which provides financial security by paying out if you can no longer work due to a severe injury or long-term illness. In contrast to life insurance (which pays out as a pre-determined lump sum), income protection makes a series of consecutive payments which act as a regular income until you have recovered enough to return to work, or until your policy ends.
In addition to income protection, you have the option to cover yourself with self-employed income protection, which covers up to 60% of your ‘take home’ salary as a self-employed individual if you are unable to work because of an illness or injury.
Life insurance protects you during your lifetime and comes into effect when you pass away, by compensating your loved ones through a one-off pre-determined lump sum. If the worst should happen, being covered by either of our two main types of life insurance (whole-of-life or term-life assurance) will enable your loved ones to clear debts, pay off your repayment mortgage, cover everyday expenses, or even cover the cost of your funeral if you have not saved anything towards that.
Both policies protect your family members should the worst happen. To think of it this way, if people insure their pets and their mobile phones, doesn’t it make sense to insure yourself and your loved ones when you pass away, contract a specified critical illness or suffer from a loss of income?
Consumer Council research shows that by shopping around, consumers could save as much as £389 per year. Therefore it’s always a good idea to do price comparisons of different insurance policies when shopping around so that you can find the best income protection and/or life insurance deal.
Here at Quick Quote Life, we liaise with a host of leading UK insurers to help you find the best deal. Not only is it our aim to find you the cheapest option, but most importantly, the right one for you and your specific needs.
Contact us now for a free, no obligation quotation.