Every year, around one million people in the United Kingdom find themselves unable to work due to an illness or injury. Unfortunately, many people think that, if you are off ill on a long-term basis, the government will look after you, or your employer will take care of you.
For most people, this is simply not the case.
Indeed, it could be argued that the one protection policy every working adult should consider is actually the one that most people don’t have – income protection insurance.
Income protection insurance – which is sometimes known as permanent health insurance – is a long-term insurance policy that’s designed to help you if you can’t work because you’re ill or injured.
Income protection insurance ensures that you continue to receive a regular income until you retire or are able to return to work.
It’s not the same as critical illness insurance, which pays out a one-off lump sum if you have a specific serious illness, nor is it the same as short-term income protection, which also pays out a monthly sum related to your income, but only for a limited period of time (usually between one to two years). It also tends to cover fewer illnesses or situations.
At Crawford Mulholland, we find that this type of insurance appeals to clients aged between 25 and 50, who have an income to protect, and is particularly popular with higher earners and self-employed people.
For most insurers, jobs are divided into the following groups:
Class 1: Professional; managers; administrative staff; staff with limited business mileage; admin clerk; computer programmer; secretary.
Class 2: Some workers with high business mileage; skilled manual work; engineer; florist; shop assistant.
Class 3: Skilled manual workers and some semi-skilled workers; care worker; plumber; teacher.
Class 4: Heavy manual workerssuch asbar person; construction worker; mechanic.
Put simply, the riskier the type of job you have, the more likely it is that you may need to make a claim.
As with any type of insurance protection, the main issue with income protection is that you get the right policy.
That’s why it’s vitally important to speak to the right people to get the right advice.
Fortunately, due to the growth in this sector over the last few years, the choice of insurers has expanded, and that’s why our expertise and experience are so important.
At Crawford Mulholland we have access to the top nine insurance companies and so are perfectly positioned to place clients with the right provider.
The fact that we’re not tied to one insurer means that you’re getting the best deal but, more importantly, we’re on hand throughout the process – and any subsequent claims process.
Little wonder that we’re an award winner in this sector!
Why not contact us today for a free initial appointment? Let’s take a look at the options that are open to you.
Call us now on 02890 665544 to set up an appointment.