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Income Protection Insurance
If you, your family, or anyone else rely on your earnings, income protection insurance could be a crucial backup for you to have, as it provides you with tax-free monthly payments if you become unable to work. It is generally suitable for anyone, regardless of whether you are self-employed or employed by a company.
What is income protection insurance?
Income protection insurance (IP) provides you with tax-free monthly payments if you become unable to work. Depending on your policy this could be either as a result of injury or illness. Income protection insurance differs from other insurances as it is only designed to replace lost income for a set amount of time.
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Why do you need Income protection insurance?
Income protection insurance is designed to cover shortfalls arising from situations where, due to an illness or an injury, you are unable to work. This is regardless of whether you are employed or self employed.
If you have other savings or could easily borrow money, then you may not need this type of insurance. However, most people would need a basic source of income whilst they were unable to work - whether it was on a short or long-term basis.
Even if your current workplace offers cover for the first 12 months you are unable to work, you can arrange an additional policy to provide cover after those initial 12 months. You can also arrange this cover on an accident-only basis, which means you will not have to undergo any medical underwriting, as it will only pay out if you suffer an accident.
With all the options and variations out there it is important you get impartial advice before taking out cover, to ensure it covers what you want and you understand all it has to offer. This is where we at Woodason Financial Services can help you.
We will assess all your options, taking into account what you want protected, and will then come back to you with a bespoke solution that covers all your needs. We will work with you to ensure that not only does the solution work for you, but that it also works for your budget - there is no point in taking out insurance that you cannot afford to keep paying for.
Best of all? We will do this all for you without charging you a single penny.
Online comparison sites will not have the insight or knowledge that an insurance adviser will. Speak to an adviser today and ensure you are getting the right insurance for your needs, and that you understand exactly what you are protected against.
At Woodason Financial Services we have in-depth knowledge of what is possible with many insurers, including specific niche circumstances. For example, we could:
• Get you insurance with no medical underwriting
• Bundle multiple policies with one insurer, reducing the total cost
• Arrange insurance for both you and your business
• Get you insurance when you have been declined elsewhere
• ...and many more!
Contact us today and find out how Woodason Financial Services can help you, completely for free.
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IMPORTANT INFORMATION
Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.
We may charge a fee for mortgage advice in exceptional circumstances. The amount we charge will be confirmed before any charge is incurred. Please refer to the Terms of Business or contact us for further information.
woodason.co.uk is a trading name of Thanet Mortgages Limited which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it. Think carefully before securing other debts against your home. Not all forms of bridging finance, secured loans, buy to let and commercial mortgages are regulated by the Financial Conduct Authority.
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Registered address: 76 High Street, Brierley Hill, West Midlands, United Kingdom, DY5 3AW.
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