What is Regular Commitments Protection Insurance
If you want to have a comprehensive insurance against unemployment, accident and sickness that will cover all your monthly commitments and protect your lifestyle, then Regular Commitments Protection Insurance is the best choice for you.
Regular Commitments Protection Insurance covers you against unemployment and also loss of income due to accident or sickness. This product allows you to cover all your regular monthly outgoings. The policy is tailor made to your individual requirements and as it is a bespoke benefit type policy, the policy benefits are more comprehensive and also the pricing in many instances is more competitive. However, you will have to itemise all your regular monthly outgoings to an advisor as the policy is constructed around your specific commitments.
How does it work?
“Regular Commitments Protection Insurance” is a form of payment protection insurance as it protects your payments. The product is popularly known as Keystone and one of the few defaqto 5 start products. These policies can cover up to 90% of your net monthly income or £3,000 whichever is the lower. The main objective of this insurance is to provide you with the maximum possible benefit which will allow you to maintain your lifestyle in case of loss of income due to redundancy, unemployment, accident or sickness.
One of the advantages of “Regular Commitments Protection Insurance” is that these policies provide up to 18 months of benefits. The other advantages of this payment protection type product are that you don’t need to have any mortgage, loan or rent to qualify for this product. So long as you have a regular monthly commitment and can itemise it, you can cover it. When the claims are paid, the benefit amount is transferred to you directly for you to distribute accordingly, however it is entirely up to you as to how you may want to use the money.
Regular Commitments Protection Insurance is one of the best-selling products that can be used to cover loss of income due to redundancy, unemployment, accident and sickness. While having a secure job and a regular monthly income, it is easy to take things for granted. But when the income stops due to being made redundant or due to not being able to work because of accident or sickness, even the smallest of the bills can become a major source of stress. There is no joy in looking for jobs and at the same time struggling to pay bills and that is where “Regular Commitments Protection Insurance” of keystone becomes handy.
If you are in the fortunate position of not having any mortgage, loans or rents to pay and just your life style, this keystone policy is yet again one of those policies that will enable you insure just your outgoings. Most insurers insist on having a major commitment such as mortgage, loan or rent but with this Keystone policy, you get all the comprehensive benefits of a payment protection policy and you don’t have to pay towards the more expensive income protection policies (in some instances, income protection insurance may be more cost effective as the pricing for keystone policy changes from person to person and is highly dependent on your commitments).
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Frequently Asked Questions
Your income protection insurance policy covers your income if you’re too sick or injured to work or if you’ve been made involuntarily unemployed. You agree on an amount you’d like to be paid if this happens — called a ‘benefit’ or ‘benefit amount’ — and if you find yourself unable to work, you make a claim. Your benefit will cover whatever you need it to cover, whether that’s your mortgage payments, your rent, your bills, or even your groceries.
If you successfully make a claim on your income protection insurance policy, you’ll be paid out the benefit amount you selected when you first purchased cover. This will usually be up to either 65% of your income or £2,500.
Yes, income protection insurance is worth the investment, even if you are in the UK. With an income protection insurance policy in your back pocket, you won’t have to rely on your savings, state benefits like Universal Credit (which often aren’t enough to live off of for long), or handouts from loved ones to keep your head above water in the event that you couldn’t work. Think of it like paying into your rainy-day fund; one day, you’ll need it.