This policy covers you not only for accident, sickness and unemployment and but also life. The benefits are when you have an accident, sickness or become unemployed, you get your monthly benefit paid and if you happen to die during the tenure of the policy, your whole loan or mortgage gets paid.
How does it work?
If you are in a situation wherein you have a mortgage or loan and want to protect yourself not only to be able to service those payments if you are unable to work due to unemployment, accident or sickness but also make sure that you don’t leave the burden of your financial commitments to your family members, then Life, Accident, Sickness and Unemployment Insurance is the one for you. The policy has two components to it. The Accident, Sickness and Unemployment part of the insurance works exactly like a short term payment protection insurance and the life insurance works exactly as a stand-alone life insurance would work. The benefit of this policy is that you are not only cover your cash-flow to cover your main outgoings such as a mortgage or loan but also the whole mortgage or loan can be paid off if you die. The two pronged protection makes it ideal as it covers both your short term protection in terms of income and also long term protection of not leaving any financial liabilities when you die.
In order to qualify for these policies it is essential to have a mortgage or loan. The qualifying criteria for the accident, sickness, unemployment or life insurance are similar to that of the two products on a stand-alone basis.
In terms of type of cover, you can choose to buy accident or sickness only, unemployment only or the whole cover accident, sickness and unemployment with life element with each one of them.
Accident, Sickness and Unemployment can happen to anyone
The last thing you would want it not having the ways and means of paying your bills especially mortgage for your own home or the loans you have borrowed when you are unable to work due to accident or illness. The situation with unemployment is increasingly equally dire as it is harder than ever to find a job if you lose one. When you have a family or partners you love and who depend on you, there is an inevitable responsibility on you to ensure that they are not lumbered with financial difficulties due to your financial commitments.While the Life Insurance part of the policy will cover off your financial commitments by offering a one lump sum payment in the event of your death, the accident cover will enable you seek monthly benefits if you had an accident and unable to work and the sickness covers you for sickness and the unemployment covers you against loss of your job. These type of policies gives you the protection you need to maintain your life style by means of monthly benefit amounts and when you die, the policy pays the entire benefit amount you have insured yourself for thus making sure that your families are burdened with your financial commitments.
Benefits of Our Insurance
Life, Accident, Sickness & Unemployment Insurance can reduce your financial stress
It is not uncommon to hear about people being unable to work due to accident or sickness and finding themselves in a non-recoverable situation financially. Having a steady stream of income that will help you get back to your feet is crucial. This is also true for unemployment. The financial stress of bills coming through can be so enormous that it can sometimes lead to mental depression and turmoil. This is also true of family members who get lumbered with a big mortgage or loan that someone else in their family has taken and has died suddenly. It takes a long time and effort for the other members of the family and friends to get the financial situation back in order. If you have a mortgage or loan, it is inevitable to have a certain amount of anxiety and investing in a Life, Accident, Sickness and Unemployment Insurance can help alleviate those stresses.
Life, Accident, Sickness and Unemployment Insurance helps you and your family
One of the main advantages of this policy is not only do you secure yourself against your short term protection requirements but also families as your financial commitments will get covered by this insurance in the event of your death. This can help your family as will not leave them unprotected. It is essential to however have a mortgage or loan to be eligible to buy these products.
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Several factors can affect how much your income protection insurance costs, including:
If you want an accurate estimate for what an income protection policy tailored to you might cost, it’s worth contacting a broker directly. You can give Best Insurance a call on 0330 330 9465 to get a quote today!
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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.
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