INSURANCE DETAILS

Income Insurance


Income insurance is sometimes referred to as income protection insurance. As the name suggests, this product is focused around what you earn from work.

This type of policy is something that will pay out for those who are unable to work due to something like an injury or an illness (being made redundant is not usually covered by this type of policy). Typically these policies will pay out until retirement or return to work (or in a less cheery fashion, death).

So, with an income protection insurance policy, if you have an illness that prevents you from working you will still get some income from the policy if it pays out, and this would usually be in the range of 50-70% of what you earn. It is worth noting that there is usually an agreed period during which you can't claim, so it is only once this has passed that you will get paid out: the longer the period then the lower your premiums will be. This period is often in the region of one month up to a year.

Income protection is different to PPI which in contrast covers a particular debt, whereas income protection as just mentioned will cover a percentage of your income, tax-free.

There are various types of income protection insurance: these include something called ASU cover, which refers to accident, sickness and unemployment. More generally other policies can cover long-term and short-term income protection.

As for the cost of the policy, there are various factors that can affect this. They include things like the level of cover you want together with the particular job you do and factors such as your health.

Related Articles...

Vehicle Insurance
Vehicle insurance is the category of insurance products that cover, surprisingly enough, vehicles. These can be any sort of vehicle that you can think of, with of course the most common product...

Agricultural Insurance
Agricultural insurance is a niche type of insurance product that is available for those who work in specific areas of agriculture. This type of product could offer piece of mind against various...

Saving Money on Car Insurance
Like with most types of insurance, the car insurance sector is extremely competitive. There are a lot of providers of this product, but also a lot of different factors that are taken into account to...

Payment Protection Insurance
Until a few years ago, not many people would have heard of Payment Protection Insurance, commonly referred to as PPI. Now it is almost inescapable, with TV adverts and text messages bombarding...

Pet Insurance
People love their pets - whether you are a cat lover or a dog lover, or prefer something like a rabbit, a guineapig, snakes, hamsters or indeed any animal that you can think of, then pet insurance...

Saving on Home Insurance
Home insurance splits into the bricks and mortar insurance - buildings insurance - and the stuff that you put inside your house such as your valuables - the contents, hence that bit is called the...

Home Insurance
Home insurance is one of the most common types of insurance product, and anyone who has a home will be familiar with it. Home insurance is usually contrasted with contents insurance, which is a...

Contents Insurance
Contents insurance is a type of insurance product that covers the items that you have - the contents - of your home. There are a range of different providers of contents insurance out there on...

Health Insurance
One of the most common insurance products is health insurance, a broad umbrella category that covers any sort of insurance product that helps an individual mitigate against the expenses that are...

Van Insurance
Most people know about car insurance, but what about van insurance? Clearly if you drive a van then you need to know about van insurance. There are various different types of van insurance which...

 © © Insurance Details    |    Copyright and disclaimer    |    Insurance Details