Select the Income Protection cover you want
It's simple, just 3 things to consider
Take advantage of the flexibility of i:protect Lifestyle Income Protection Insurance to tailor your policy to uour individual requirements. This is easy to do with three simple steps...
1. How much cover do you need? Think about your outgoings and those important bills that you must pay each month - see example below.
|
Example of Monthly Outgoings - essential bills that must be paid |
|
| Share of Rent or Car Loan | £360 |
| Total minimum payments on all Credit Cards | £80 |
| Council Tax - typical band C | £110 |
| Life Insurance | £20 |
| Gas/Electric | £90 |
| Water/Waste Water | £60 |
| Phone and broadband | £40 |
| Home or Car Insurance | £40 |
|
_________________________________________________________ |
_____ |
|
Total for an average month |
£800 |
This is a very cost effective way of securing the benefit to be paid each month to cover the essentials. You would still need some savings to fall back on to pay for shopping, your mobile, fares, petrol etc. However, if you were out of work for any length of time, this policy could save you from falling into serious debt.
2. Do you want Accident and Sickness cover or Accident, Sickness and Unemployment cover?
Despite currently high levels of unemployment, iprotect still receive over 40% of claims from customers in respect of accident and sickness. It is not unusual following major accidents and illnesses that it takes people much longer to get back into work. This is in contrast to how quickly they would find a job if they were fit and healthy.
There are countless reasons why someone may find themselves out of work for a long period. The biggest claims paid by iprotect insurance have been for people unable to work following a protracted illness. For this reason iprotect do not offer just redundancy cover alone as it would leave our customers vulnerable.
3. If you were out of work, how quickly would you need your benefits to start? Take advantage of i:protect flexibile excess periods.
What is an Excess Period? It is the period of time after the date you were signed off as unable to work/unemployed that you are prepared to wait before your benefits start - see examples to illustrate this near the the bottom of this page.
When do you want your benefits to start, here are two common situations to consider...
a) Your contract of employment may give you 3 months salary if you were off sick, so perhaps you could save premium by not starting your accident or sickness benefits for 90 days.
b) If you were made redundant your final wage including any redundancy payment might only be sufficient to last 30 days. Therefore it woud be sensible to start your unemployment benefits after 30 days.
The great advantage of iprotect Lifestyle Income Protection Insurance is that you can choose the excess period most suitable for your needs. This includes commencing your benefit period without any excess - this is called "back to day one cover"
The choice is yours. You can select the most suitable excess period for each of your benefits: 180 days, 90 days, 60 days, 30 days and nil (back to day one). This means you can chose an excess period for Accident and Sickness benefits and a different one for Unemployment benefits.
If you can answer the three questions above you are ready to get a quote - please click the 'Get a Quote' button at the top of this page
If you are still not sure try some quotes using different excess period before making your mind up.
More detail about Excess periods...
When deciding the excess periods that are most suitable for you, take into account how much help you get from your place of work and how much of your savings you are prepared to use if the worst came to the worst and you were off work for a long period of time. Flexible excess periods can often lead to cheaper premiums as the longer the excess period the cheaper the premium is. So why pay for a Payment Protection Product that is inflexible and doesn't match your own unique circumstances?
For example you may get two fully paid months of sick pay from your employer so it would be prudent to select a 60 Day Excess period, meaning your Accident/Sickness benefit would get paid just after you stop receiving sick pay. You may only receive one month of pay if you were to be made redundant so it would be sensible to have the Unemployment Benefit start to be paid after a 30 day Excess period.
More Examples:
A 0 Day Excess means you have to be off work for 30 days before you can register your claim but all payments will be backdated to day 1.
A 30 Day Excess means you have to be off work for 60 days before you can register your claim but all payments will be backdated to day 30.
A 60 Day Excess means you have to be off work for 90 days before you can register your claim but all payments will be backdated to day 60.