Income payment protection insurance
What does this income payment protection insurance do?
Income payment protection insurance provides replacement income of up to £1000 per month for 12 months, if you cannot work due to an accident, sickness or unemployment.
Why should I choose this insurance?
- highly competitive premiums
- excellent cover with very few exclusions
- there is no excess and claims are paid back to the first day of your claim
- tax free claims payments are paid for up to 12 months
- this policy is a Defaqto 'Best Buy'
Why buy from British Insurance?
- British Insurance staff are very well qualified and based in the UK
- We have won numerous awards
- British Insurance are widely recognised consumer champions
- We are recommended by all national newspapers including The Times and The Daily Mail
- We are independent and completely regulated by the FSA
If you have lost your job through unemployment or have an accident or sickness which stops you from working, this income payment protection insurance will ensure that you continue to receive an income for up to 12 months.
It is important that you ensure that you are eligible for this income payment protection insurance and that you read the important policy documents before you apply for cover.
Explaining Income Payment Protection Insurance
Introduction
The options available to those seeking to make financial safeguards against the possibility of losing their income have been significantly boosted, thanks to a new age-related income payment protection insurance from British Insurance.
Income payment protection insurance, which can protect your general outgoings for up to 12 months if you are unable to work as a result of illness, injury or involuntary unemployment, has traditionally been regarded by financial planning experts as the poor relation of another product known as ‘income protection insurance’ – which does not cover involuntary unemployment but provides much longer-term health cover.
But the new age-related income payment protection insurance from British Insurance can be such good value for younger applicants that it can sometimes prove an attractive alternative to income protection insurance. This tends to be particularly the case for smokers and those in high risk occupations, for whom income protection insurers can impose significant premium loadings.
Like standard income payment protection insurance, the age-related income protection insurance from British Insurance disregards a applicant’s occupation, smoking habits and gender. But the big difference is that it takes the applicant’s age into account.
Younger applicants are quoted keener rates, reflecting the fact that they are less likely to go ill than older ones and, if they lose their job, are likely to spend less time finding a new one.
Premiums are determined by the amount of income payment protection insurance cover selected by the applicant and by their age at the time of taking out the income payment protection insurance policy. Costs will not increase in subsequent years just because they grow older.
This means that young applicants can pay under half what they would have to with standard income payment protection insurance. They may even feel that age-related income payment protection insurance proves better value than income protection insurance if they are quoted steep terms on the latter.
Nevertheless, like all income payment protection insurance, the new age-related income payment protection insurance cover from British Insurance contains some significant exclusion clauses.
Medical conditions that existed prior to the start of cover (so-called ‘pre-exiting conditions’) are not covered, but this exclusion is waived if you have not suffered from the condition in question for at least two years from the date upon which you first became unable to work.
The self-employed are only covered for involuntary unemployment if they permanently cease trading, as opposed to merely experience a lean patch. Furthermore, even employed individuals are not covered for voluntary redundancy, which is a major consideration for those who work in industries where this has become a common way of exiting employment.
But those affected by such exclusions may well feel that the new age-related income payment protection insurance cover from British Insurance is so inexpensive that it is still well worth having. After all, the benefits available from the state for those who find themselves unable to work will never cover more than the most basic of necessities.
Anyone with meagre savings levels and little health cover via the workplace should therefore make it a high priority to consider their options for making private income payment protection insurance provision to safeguard against the consequences of ill health and unemployment.
Find out more about income payment protection insurance
