Protect yourself from redundancy...
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Protect up to 65% of your gross monthly income or £1,500 per month |
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Choose when your benefit payments start using the Flexible Excess Periods |
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Up to 12 months benefits paid for any one claim |
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Help for you to return to work offered through specialists Jobcare |
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Legal Helpline for asistance with redundancy matters and tax information |
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Covers involuntary unemployment, not just jobs lost due to redundancy |
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No medical required |
All of this for as little as £1.19p per month per £100 of benefit*
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Concerned about Redundancy?Protect your Income with i:protect |
This page has been dedicated to customers who are concerned about the risk of redundancy to show you how i:protect can offer more than just Redundancy Insurance. You will be paid the benefit level you select if you become involuntarily unemployed for up to a year whether this is related to your job or your health. Please see full details below:
Money saving tip…
If you are paying a mortgage AND have some savings to rely upon, you might be able to save premium by selecting i:protect Mortgage Payment Protection Insurance (it is one of the lowest priced policies of this type in the UK – source the FSA’s independent Money Advice Service comparison tables November 2011). This money saving option will cover your mortgage repayments plus up to an additional 25 per cent to pay other household bills.
Consider if a monthly benefit equal to your mortgage repayments + 25% would be enough money if for example, you could not work for 8 months? If so, this link will take you to i:protect Mortgage Payment Protection Insurance. You can then quickly decide if this is right for you.
If you do not have a mortgage, OR would prefer your cover not limited by your mortgage repayments, please see the i:protect Lifestyle Income Protection Insurance policy outlined below. This Lifestyle policy offers you far greater scope to pay a wider range of bills and loans; you simply select how much your policy pays out each month.
Lifestyle Income Protection Insurance
i:protect Lifestyle Income Protection Insurance is designed to pay a proportion of your income in the event that you are off work through accident, sickness or redundancy or involuntary unemployment. Have you ever considered what would happen if you were to lose your income? How would you pay your mortgage and other bills?
i:protect Lifestyle Income Protection Insurance comes with these great features:
- Protect up to 65% of your gross monthly income or £1,500 per month whichever is the lesser amount. Use Lifestyle Protection Insurance to cover:
- Your mortgage or rent
- Car loans
- Important insurance premiums
- Credit card repayments
- Utility bills
- Food bills
- Fuel costs and more...
- Flexible Excess Periods allowing you to choose when your benefits payments would start. For example, you can choose to start your unemployment benefit after 180 days, 90 days, 60 days, 30 days or from day one (known at 'back to day one' cover). All claims are paid 30 days in arrears. For more information about excess periods please click here.
- Benefit payments can last up to 12 months in respect of any one claim. There is no limit to the number of claims you can make in any one year. For detailed information about the iprotect claims service please click here.
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Jobcare Back to Work Service to help you return to work. This service is free and is provided by employment specialists PMA Limited. Advisors are available to offer you practical advice tailored to your individual circumstances. For more information about Jobcare please click here.
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Legal Helpline to help you with redundancy matters and tax information. For more information about the Redundancy Helpline please click here.
- Self employed people can have exactly the same benefits as employees including unemployment benefit provided your business has ceased to trade and this has been registered with the Inland Revenue. See Frequently Asked Questions for more information regarding self employed customers please click here.
Click 'Get a quote' at the top of this page to obtain a quick quotation to see how little i:protect Lifestyle Income Protection Insurance could cost you.
| There are other providers of short-term Income Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk |
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Would you like to know more about why so many people buy this redundancy cover? |
To cover those critical bills i:protect Lifestyle Income Protection Insurance is ideal and a very low cost alternative if you do not have substantial savings to fall back on. The benefit you choose should be enough to cover your major outgoings until you find another job, even if you are unemployed for several months.
Using this insurance as a financial safety net
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Example of Monthly Outgoings - essential bills that must be paid |
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| Rent or Personal Loans | £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 |
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Total for an average month |
£800 |
The premium for a typical iprotect customer age 30 with a full Accident Sickness and Unemployment policy selecting a 60 day excess period would be just £19.12 paid monthly. This would secure a policy with benefits of £800 per month that would be payable for up to a year. This premium could be reduced significantly by selecting a longer excess period.
This example illustrates is a very cost effective way to securing the payment of essential bills each month. You would still need some savings to fall back on to pay for other expenses, shopping, your mobile, petrol etc. However, if you were out of work for any length of time, this policy could save you from credit blacklisting, calls from debt collectors or even eviction from your home due to rent arrears.
How long could I be out of work?
Before the current recession when jobs were plentiful in the booming economy, the average time between i:protect policyholders losing their job and starting at their new one was just under 5 months. Obviously no two people have the same experience and some of our customers were regrettably disabled following an illness and were out of work for a full year. In view of the severe downturn in the UK economy, i:protect have consulted both expert underwriters and economists. They have told us to anticipate this average period of unemployment will increase a further 2 months.
As UK unemployment rises, it would seem wise to add a safety margin to this estimate. Therefore, you may need to think in terms of an average period of unemployment lasting up to 8 months. Our Free Back to Work service is available to help you to find another job, giving you the vital help you need as new jobs are proving very difficult to get.
You may decide not to cover all of your regular monthly outgoings through your i:protect Lifestyle Income Protection Insurance and prefer to rely instead upon your savings. It may be wise to think in terms of planning to support you and your family for at least 8 months. your decision will of course depend on your personal circumstances.
State benefits and Tax
Every individual or family are entitled to claim certain benefits. It is impossible to state here how much you would be entitled to receive. However your i:protect Payment Protection Insurance benefits are Tax Free and will not preclude you from claiming for anything to which you are entitled.
Back to Work Service
i:protect Lifestyle Income Protection Insurance provides you a confidential and independent back to work advice service. This service is free (you only pay the cost of any telephone calls) and is provided by employment specialists Jobcare Services Limited. Advisors are available to offer you practical advice to help you return to work or make a career change. They can help identify suitable skills that you can transfer to alternative employment opportunities.
This service not only provides help to you as the policyholder but also your immediate family by providing access to the National Job Vacancy Database. Advice is also available on the following topics, all of which are designed to help you find the right job:
- CV Preparation
- Letters of Application
- Sourcing Vacancies
- Interview Techniques
- Self-Employment Advice
Remember the service is free of charge and can be used at any time during the life of your policy.
Simple to select the cover you need
The flexibility of i:protect Lifestyle Income Protection Insurance enables you to choose what bills you need to cover and tailor your policy to pay you when you need it most. This cover is very easy to select and is supported by a straightforward on-line process. Quotations are instant and the application process completed on-line.
It is easy to get a quote right now, you choose how much cover and decide if the premium is good value. We strongly believe that it is compared to the consequences of finding yourself out of work for at least six to eight months.
Things that our customers say are important about iprotect Lifestyle Income Protection Insurance
- No medical is required
- Smokers and non-smokers are treated just the same
- Premiums are paid by monthly direct debit so you can decide to cancel your policy by instructing your bank to cancel your direct debit at any time without penalty
- Should you change your mind within 14 days of the commencement of your policy, you can cancel and will incur no charge whatsoever - a full 14 day money back guarantee
- Although you will be asked to complete a Direct Debit as part of the application process, this will not become live until your policy is issued. Therefore premiums will not be collected from your account until after we write to you confirming your application has been processed and your cover is in force
And finally, if you are switching your Income Protection Insurance from another provider to take advantage of i:protect's low on-line rates, we have a special Free-to-Switch process. This enables you to keep all of your existing insurance arrangements in place until i:protect write to you to confirm your new policy is in force. This process is designed to avoid the potential for you to accidentally create a gap in your cover.
If you have existing cover and would like to know more about the i:protect Free to Switch easy and risk free process to save money by transferring your cover, please click on this link to find out more to i:protect Free to Switch
*Accident and Sickness cover, benefit payable after 180 days deferment period, for a 25 year old, premium only £9.98 per month for a monthly benefit payment of £840 (Monthly cost for every £100 of monthly benefit is £1.19)