Income Protection Plans
Income Protection Plans for you
Healthcare Partners arrange Income Protection Plans (IIP) for individuals throughout the UK and have years of expert experience in finding the best benefits, rates and service. Following an in-depth consultation we base all of our advice on what is right for you, not on commission levels.
With Individual Income Protection Plans, the benefit is paid after an agreed deferred period that may vary from 4 to 52 weeks. Obviously, the longer the deferred period the lower the cost of cover will be. The cost will usually differ by gender, occupation, age, smoker and non-smoker.
The maximum benefit available varies between insurers, but is usually between 50% and 80% of your salary. Bearing in mind the benefit is paid tax-free, and taking into account statutory entitlements, quite often you can be almost as financially well-off as if you were still working.
Insurers recognise that just paying cash is only one element of helping to protect income. Increasingly, income protection insurance providers are looking to include either in the policy or in their service to those unfortunate enough to claim, some form of rehabilitation assistance. This may include help in getting physically better, retraining, and assistance in getting a new job.
Before requesting a quote it is worth calculating your financial needs if you were off work, rather than aiming for the maximum benefit available. A further question is how long will your employer pay your salary for? This may result in a much lower monthly premium.
As with Private Medical Insurance, we are happy to review your existing arrangements. In particular, self-employed individuals can discover that their original policy did not fully take into account their tax position and subsequently we have been able to make substantial reductions to the cost of cover.
