The best Redundancy Insurance for when you need it most
Income Payment Protection Insurance
If you know that you would want to have financial assistance should you find yourself suddenly unable to work, but aren’t sure what you might need the money for, then income payment protection insurance may be the best choice for you. Income payment protection insurance means that in the event of you losing your job through no fault of your own, you would still have the financial assistance to meet your monthly outgoings, whether that is bills, credit card payments, loan repayments or even your mortgage repayments.
How does it work?
Income payment protection insurance provides you with a monthly tax free income, usually up to 50% of your monthly wage, or £1,500 whichever is the least amount. One of the best things about income protection cover is that it is not specified how the money should be used, giving you more control and flexibility. The money received from your income payment protection insurance doesn’t just have towards debt repayments; it can also be used for living expenses. You get to decide how to use the money from your policy. An income protection plan, also known as an income protection policy, can help reduce the stress of suddenly finding yourself out of employment. Whilst in employment, it’s easy to take your monthly income for granted, but should that be suddenly taken away, without having income protection for loss of earnings, you could find yourself worrying about how to meet your financial obligations. A good form of unemployment cover means that you can concentrate on getting back to work rather than losing sleep over paying your bills.
Unemployment can happen to anyone
Income protection insurance isn’t just for people who think their company might be making redundancies; you can find many different types of income protection for unemployment caused by a variety of reasons. Accident sickness and unemployment cover is a form of income payment protection insurance that would provide you with an income should you find yourself unable to work because of an injury from an accident, or from an illness. When considering what income payment protection insurance is right for you, consider under what circumstances you would like to be covered for and make sure to check the terms and conditions so you understand what is included in your insurance.
Income Payment Protection Insurance can reduce financial stress
Income payment protection insurance can make a big difference if you find yourself unable to bring in an income because of unemployment. Imagine that your wage suddenly stopped tomorrow. Without any other form of financial assistance would you be able to meet your monthly bills and outgoings? Income payment protection is designed to provide you with the financial support to help you get back to work as quickly as possible. It is a short term income payment protection, which means that insurers usually pay out up to 12-24 months. In that time you will receive a regular monthly income until you have managed to get back into employment.