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Income Protection or Permanent Health Insurance- it is a form of insurance aiming at providing you and your loved ones with financial stability in case your earnings are unexpectedly stopped as a result of an accident or illness. The insurer pays out an established monthly sum of money to you until you are ready to get back to work. This insurance will allow you to achieve full recovery without worrying about financial matters, or incoming expenditures.
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Income Protection Insurance is a flexible form of insurance based on the insured’s individual needs. Therefore, everyone can find something for themselves. As a rule, the policy does not pay out more than 65% of the insured’s regular income, but it is paid every month until the insured is able to return to work. Therefore, the policy forms a solid support for the family budget in emergency situations.
In the UK market, we distinguish short-term (lasting maximum two years) and long-term insurance (pension). In the long-term insurance the continuity of the provision payout lasts until you reach the retirement age or until you are 70 years old. In other words, in the short-term insurance the indemnity can be paid out until the insured is able to return to work, however his/her inability to work cannot last longer than two years. In the long-term insurance, the pension can be paid out even for many decades.
The benefits arising from the Income Protection Insurance:
- Financial protection over the period of illness/injury
- Monthly indemnity payout
- A wide scope of insurers
- No need for unnecessary formalities
- High indemnity
- Financial independence
- No medical test requirement
- Affordable prices
- Fast payout
If you would like to find out how much your premium would be, talk to our consultant. The consultations in our company are at our expense, then do not hesitate and start protecting your earnings and your family today whilst you still have time- you are more than welcome to contact us!