Income protection can save you from financial difficulty.

Having income protection can protect you and your family from disaster if you were to lose your job because of an accident or illness. You cannot help having an accident or becoming ill and so why should you have to lose out on your whole income? In a utopian world you wouldn’t but unfortunately we don’t live in a utopian world but you can avoid a complete loss in income by taking out income protection insurance for a small cost each month.

Many people are losing their jobs as the economic climate is in disarray if people are not leaving their jobs then they have to take a loss in hours and pay. Most people cannot afford to take a loss in income but they do not have a choice and so by taking out income protection you can ensure that if you were to lose your job you would still be able to meet your financial commitments.

You can only take income protection out while you are in employment, living off benefits and being unemployed does not qualify you for income protection insurance.

There are three definitions you can get for income protection insurance, these definitions define when you will receive a payout from your insurance policy. You can get an own occupation definition which means that you will receive a payout from your insurance if you are unable to do your own job. You can get a suited occupation definition which means that you will receive a payout from your insurance if you are unable to do your own job or a job similar to your own. You can also get an any occupation definition which means that you will receive a payout from your insurance if you are unable to do any form of paid work. The definition you want to receive is an own occupation definition as that means you will receive a payout from your insurance plan much more sooner than if you were to have either of the other two definitions.

You can choose to pay for your insurance premium annually or monthly to suit your finances. When you claim on your insurance you stop paying the premiums but once you are back in work it is required that you start making premium payments again.

When you are looking for income protection insurance quotes you can call Income Protect or you can use their online quotes generator, they will search through quotes from their insurance providers to find you the cheapest and most relevant quote. The advisors at Income Protect can also tailor an insurance plan to suit your exact requirements, having a tailored plan can be a bit more expensive however it does offer you the best insurance plan for your circumstances. You can also choose to have a short term plan depending on your circumstances.

If you claim on your income protection insurance you will receive monthly or weekly tax free payouts which will on average be 65% of your income. Having income protection and receiving payouts when you lose your job can give you peace of mind as you know that you will still be able to meet your financial commitments and won’t be at a major risk of losing your home and getting into debt.

You want to avoid having to sell of your prized treasured personal possessions it can be humiliating having to sell your possessions. You can very easily avoid having to sell your possessions when you lose your job and ending up in financial difficulty by taking out income protection insurance from the experts at Income Protect.

Income Protect are a reliable and trusted income protection insurance company who have been in business for many years.