Income protection insurance

Short Term Income Protection – Long Term Income Protection 

What is income protection insurance?

If you get sick or injured and can’t work, income protection pays you part of your monthly income. It’s tax-free and helps you protect your finances while you recover.Income protection pays out a percentage of your earnings, usually between 50% and 65%  — and all payments are free of income tax. You can sometimes get a policy that pays out a higher percentage of one portion of your salary, and less on anything above that. 

Replaces part of your income if you become ill or injured and can’t work

Are you a dentist looking to protect your income against unforseen illness or injury? Whether you’re working within the private sector or employed through the NHS, it is still important to have a plan in the unlikely event that something prevents you from working for an extended period of time.

Covers you until you are able to return to work

Due to the high skill nature of Dentistry, it is important that your coverage includes your own occupation. If your policy only covers ‘Suited Occupation’ or ‘Any Occupation’ you may not receive a payout for an injury that prevents you from practising Dentistry.

You can claim as many times as you need to - while the policy lasts

Every case is different, to know for sure how your occupation may affect future policies get in touch today and our expert staff will comprehensively answer any questions you may have regarding insurance for dentists and also for any other occupation.

How do I know if income
protection insurance is right for me?

We at Income Protection Expert are great fans of income protection, as it simply provides the most comprehensive financial protection against illness .

Beware of the fine print

An Income Protection policy is the most comprehensive form of illness cover that is available but as with any form of insurance, you need to be aware of the fine print. Without advice, it is possible to take a policy with the following pitfalls.

  • A policy that doesn’t pay out because it has the wrong definition of disability
  • Payments that reduce by 50% after 1 year of pay-out and 75% after 2 years
  • A policy that stops paying out after 1 year as the disability definition changes
  • The insurer pays out less than you are covered for at claim
  • Payment refused as the claim was caused by an event excluded in the fine print
  • Index-linked cover premiums increasing much more than the extra cover
  • Payment refused as your job title does not match your work activities

Risk with income protection

When considering whether to take out income protection you should carefully consider both the risks of being unable to work and also the likely consequences if that happened. The simple fact is that you are significantly more likely to be unable to work due to accident or illness for a prolonged period and suffering from a critical illness or death.

  • 1 in 10 people have been unable to work for over 6 months due to accident or illness
  • Each year, around a MILLION workers become ill or disabled and still are a year later
  • Around 65% of people off work for over 6 months will still be not working 5 years later

A 2011 survey by the Guardian/Unum (a specialist income protection provider) showed that 1 in 10 people had been unable to work due to incapacity for a period of 6 or more months, so not exactly lottery winning odds. An even more worrying statistic is that the average claim for income protection policies is around 7 years!

income protection insurance FAQs

We at Income Protection Expert are great fans of income protection, as it simply provides the most comprehensive financial protection against illness .

These are two very different types of cover. Income Protection Insurance pays a percentage of your gross salary as a regular payment until you can return to work. 

Critical Illness Insurance provides some financial help, usually a lump sum payment, if you’re diagnosed with a critical illness that’s covered in your policy. These policies don’t generally pay out if you die and have no cash value at any time.

No – these are two different things. While Income Protection pays you a percentage of your salary if you’re unable to work due to illness or injury, Payment Protection Insurance (PPI) covers the repayments on a specific debt, such as a mortgage, loan or credit card.

Any money you receive from an Income Protection policy may affect your eligibility for Government means-tested benefits. Government benefits can change at any time.

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