What is Income Protection? | Income Protection Birmingham

Income Protection Advice in Birmingham

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Income Insurance Advice Birmingham

Income Protection is a type of insurance that pays out if you have an illness or disability that prevents you from working. You will receive payments through a regular income until you can return to work or retire.


Income Protection covers you for many different types of illnesses and disabilities, but the expectation is that you will be able to return back to work eventually. In some cases, you may not return back to work and in this case, your insurance will expire once you reach retirement age. Income Protection can pay out more than once, however, there is a cap on how much you can receive which is based on your salary.


You will also need to provide a deferred period for your policy. This period is the length of time that it will take for your policy to start paying out. At first, you will be required to use your savings, employee sick pay scheme or other means of income. Once the deferred period is over, the policy will start paying out. The shorter your deferred policy, the higher costs your premiums will be.


No two people are the same, there will be differences between most policies that are taken out. As a Protection Advisor in Birmingham, it is our job to recommend the right policy for you and determine what specifications you will need in place for your Income Protection insurance policy.


We’ve also dealt with customers who have never needed to claim on their insurance. At the end of the day, it is more important to have something in place just in case your circumstances change. If you want to find out whether or not Income Protection would be beneficial for you and your personal situation, feel free to contact us for a free insurance review in Birmingham.


Do I need Income Protection Insurance?

It is possible to already have Income Protection Insurance in place. A lot of employers offer this as a part of their employee benefits program and therefore won’t need to take out a separate insurance policy. Your employment contract should have the details of any insurance policies your company offers.


If you already have another type of insurance policy, such as Critical Illness, you may not need Income Protection, you could already be covered. However, Critical Illness focus on illnesses and disabilities that will prevent you from working again, so it could still be worth covering short-term illnesses with Income Protection.


People may rather save money on Income Protection Insurance and use their savings instead. If you would rather use your savings, you will need to work out whether you are able to cover your living costs for the amount of time that you are required to have off. What would happen if you had another emergency and needed more time off work? Would you have more savings available to cover you?



Speak to an Income Protection Advisor in Birmingham

At Birminghammoneyman, we can offer you a free Insurance review with one of our protection advisors. We can go through your personal and financial situation and see whether Income Protection will be the best option for you. Your lifestyle, age and medical history will be factored into your Insurance review so that we can work out what policy you are looking for.


Income Protection can be costly, as it can pay out numerous times. If you have other Insurances policies in place, it could be beneficial to work out the total costs and what you are covered for.


Upon taking out your policy, make sure that you are aware of what it pays out for and the conditions that come with the policy. Your Protection Advisor in Birmingham will help with this.


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Different Types of Income Protection Insurance in Birmingham

It is important to make sure that you are taking out the correct policy. When it comes to Income Protection Insurance, there are a few different types to choose from:

Accident, Sickness and Unemployment (ASU)

This type of Income Protection covers you for surprises that come out of the blue. In life, you may encounter accidents, illnesses and redundancy. These are all factors that will affect your income.


This protection pays out when you become ill, are involved in an accident or are made redundant. You will receive tax-free monthly lump sums that will make up for your lost income. These payments will approximately last for 12 or 24 months. With this policy, you are expected to return back to work.


If the policy pays out, you will be able to spend the money on whatever you want.

Payment Protection Insurance (PPI)

This type of income protection covers any existing monthly debt repayments such as loans, mortgages and credit cards that you’re unable to pay back. It pays out when you are unable to work.


Upon taking out the policy, you will have to specify how long you want the policy to pay out for. Usually, these types of policies are short-term.

Mortgage Payment Protection Insurance (MPPI)

If are unable to work and you are failing to keep up to date with your mortgage payments, this MPPI covers the costs. Rather than paying out your whole monthly wage, it is usually used to just cover your mortgage payments. Sometimes, you can receive a little extra per month to cover bills and other small expenses.


Typically, MPPI will only pay for up to 12 months or when you are able to resume working. If you return to work, you will stop receiving the payments.


Get in touch with a Protection Advisor in Birmingham for a free insurance review.

Our Insurance Advice Service in Birmingham

Our Mortgage and Protection Advisors in Birmingham want to make sure that you are protected and have the correct policy in place that will give you financial help when you need it most.


We have over 20 years of experience in the sector with all different kinds of policy types. We have helped many customers take out Income Protection products in the past and we could help you next!


Your Protection Advisor will be open and transparent with you at all times. From start to finish they will work for you, trying to find you the best deal possible based on your personal and financial situation.


Take a look at our reviews! We have collected a large handful of reviews from past customers sharing their experiences with us. Head over to our reviews page to read more.

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