Income Protection

Falling ill or becoming injured during your working life is not something you want to imagine. Let alone worrying about how you are going to provide for your loved ones. This can feel particularly worrying if you have a marital partner or children (or both). But, income protection insurance can provide a lifeline for those unfortunate events that you cannot predict.

Income protection insurance is designed to protect you in the event that a serious illness or injury is preventing you from earning an income.Once you claim, income protection pays out regular payments to your bank account, mimicking the likes of a salary payment. These payments ensure that you can continue to receive a regular income until you are able to start working again or until you retire.

Income protection is different to most other forms of insurance, as it will pay out as many times as you need it to until the policy runs out. However, the payments are not issued to you straight away, there is usually a waiting period in which you are expected to use sick pay from your employer. This can be beneficial as the longer you wait for the payments, the lower your monthly premiums will be.

Do I Need Income Protection Insurance?

There are so many insurance options to consider, it’s difficult to know which ones are worth it. But, it all comes down to your personal preference and circumstance, what’s right for one person may not be right for another.

If you’re pondering over income protection insurance, it’s worth taking a moment to consider your life without any income – because sick pay doesn’t last forever. Even if you don’t have people that depend on you, you still have bills and mortgage payments that need to paid on time each month, and without an income, how will you do it?

It’s worth noting that not everyone is entitled to sick pay, especially if you are self-employed. If you are employed by someone else, you should check with your employer if you have the option to take sick pay, as depending on the severity of your illness or injury, this may sway you away from the idea of income protection.

According to the Association of British Insurers (ABI), 6.6m households would see their income fall by more than half if the principal earner left work – something that could be avoided with income protection cover..

How much cover do I need?

This can depend on your aims for the policy, your current expenditure and also if you would be in receipt of any employer benefits. Plans will not be able to pay out if you are in receipt of full sick pay from your employer for example. We would tailor the plan to tie in with this so that this could not happen.

It is likely that we would look to cover as much as your income as possible, but depending on your overall protection solution it may be recommendable to purely cover your essential outgoings.

Your Regal Finance Group expert will be able to run through your budget with you and recommend the most suitable level of cover.

What is the deferred period?

The deferred period is the pre-agreed period of time that must elapse between putting in a claim and the benefit being paid. A longer deferred period will result in a lower premium. Your deferred period can be from as short as 1 month up to 13 months with most insurers.

If for example you receive 3 months full pay from your employer then we would look at your Income Protection paying out at the end of this period.

How can I make my plan cheaper?

Less cover is less expensive, and a longer deferred period does reduce the premium. There are also some ‘budget’ option plans available that will pay out for a maximum of 24 months rather than ceasing at plan expiry, return to work or in the event of death. These can prove to be very valuable within an overall solution to your protection needs.

How Much Does Income Protection Insurance Cost?

The exact amount you pay for income protection insurance will depend on your personal circumstances, but there are a few factors that can influence the cost of your income protection premiums.

  • Being a smoker is likely to increase the price of your premiums because smoking can increase the likelihood of illness, making you more of a risk to an insurer.
  • Depending on the type of job you do, your premiums can be higher than average, particularly if your job is deemed ‘dangerous’ (e.g. if you are a scaffolder). This is because the chances of you becoming injured are much higher than those in a low-risk job.
Amy Bailey
Amy Bailey
2022-05-05
Fantastic fast service! Matt & Kirsti were amazing throughout and always on hand to help with any questions. Would highly recommend!
Anna Elson
Anna Elson
2022-04-26
Matthew and Kirsti at Regal Finance Group were amazing. We had a complicated financial situation and anything we threw at them they dealt with and supported us through the whole process. We took out a mortgage via them and they explained everything clearly. They were very prompt with replies and always had time for us. We couldn't recommend them enough! Thanks guys!
dababy drake
dababy drake
2022-04-21
We first met Richard about 5 years ago, we were trying to sell a property and buy a new one. My father had recently passed away so it was quite an emotional discussion. Richard was very open and honest with us and managed our expectations on what was feasible. Thanks to his advice and guidance then, we are now in a position to buy a bigger house and once again Richard has pulled out all the stops and managed to secure us finance for our dream house. Richard is very professional and always responsive and attentive to our needs. I would definitely recommend the Regal Finance Group, they have enabled us to successfully keep moving up the ladder within our means! Thank you.
Kyla Feltwell
Kyla Feltwell
2022-04-07
Both Matthew and Kirsti were amazing throughout our mortgage process. As first time buyers we had no clue of what to expect or what to do but they were on hand every step of the way to help us through the process and reassure us. We would highly recommend their services
Michaela
Michaela
2022-02-02
Excellent service. Kirsti was very helpful and informative and helped us with our remortgage, life and income protection insurances. Our circumstances were a bit complicated but we got an excellent product we were happy with. We will be using regal finance group in the future and would recommend them to anyone. Matt was also very helpful and we were kept up to date throughout the process
Damian George
Damian George
2022-01-17
Kirsti has been absolutely amazing threw out the hole process. She has responded to every email and even when the solicitors have been a little slow as soon as we have had a concern or questions she has been on them. Just what you need really. It has made the hole process less stressful and made the experience not so daunting. We wouldn't go anywhere now and will always recommend them to anyone. Great job.
Robyn Corroon
Robyn Corroon
2022-01-13
My self and my partner just brought our first home and with out the support from Regal Finance Group it wouldn’t of been possible. We was supported by Richard Power and he was amazing. Richard really helped us understand the whole process as first time buyers there was things we didn’t understand. Richard also helped take the stress out of all the form filling. Richard staying in regular contact and always responded to calls and email in good time. I could not recommend this company and especially Richard Power enough.
Peter Nelson
Peter Nelson
2022-01-12
Our experience as first time buyers using Regal Finance Group was fantastic. Every time we spoke to Matthew and Kirsti, we left the call feeling calm and confident in the process. They helped us through from start to finish with quick responses and a genuine care about us. Couldn't recommend them enough!
Joss Goodchild
Joss Goodchild
2022-01-10
The Regal Finance Group team were incredibly helpful throughout the mortgage offer process. They were always quick to respond, innovative with their thinking and willing to work with us to find a solution. We are very happy with the work they did.
ashley billl
ashley billl
2022-01-04
Richard was reassuring and professional throughout the particularly difficult purchase and mortgage application - The Covid pandemic really added complexity. We always felt responded to with fast, positive and proactive support which made getting the mortgage surprisingly painless. We would 100% go back to him again for a mortgage. As a note his colleague Kirsten was also a star, again responsive and supportive throughout - A big thanks to you both!

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    What Makes Income Protection Different?

    Income protection insurance can often be mistaken for critical illness cover as they are both based on insurance in the event of illness or injury, however, there are a few distinct differences:

    • Income protection does not pay out as a lump sum, instead, regular payments are made to mimic the salary you would have originally received from work.
    • You can claim as many times as you like with income protection (for as long as the policy lasts), even if you have already received a payment from a previous injury.

    Income protection insurance is extremely worthwhile if you become seriously ill or injured and even if you are currently fit and well, you cannot predict what the future will hold – it’s better to be safe than sorry.

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