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In an unpredictable world, income protection insurance is a forward-thinking investment in your financial stability.

It offers a financial cushion during tough times, helping you maintain your lifestyle and independence. Be sure to review policy details, understand coverage limitations, and compare different offerings with your broker before finalizing a decision.

The right policy can make a significant difference when you need it most.
If you’d like to explore your options or discuss a new or existing policy, feel free to book a free consultation with one of our advisors.

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The cost of Income Protection Insurance

The cost of income protection insurance is influenced by several factors, including:

  • Age and Health: Younger and healthier individuals typically pay lower premiums.
  • Lifestyle Choices: Risky habits, such as smoking, increase premium costs.
  • Occupation: Jobs with higher risk levels, such as manual labour, result in higher premiums.
  • Level of Coverage: The amount of income you choose to insure and how long you wish to receive benefits affect the overall cost.

Insurance providers offer various plans, and it’s crucial to find one that fits your budget without sacrificing the necessary protection.

Comparing Income Protection Policies

When comparing different income protection plans, pay close attention to:

  • Premiums: Make sure they fit comfortably within your budget.
  • Coverage Specifics: Evaluate how much income you want to protect and for how long.
  • Exclusions and Limitations: Understand exactly what is and isn’t covered.

Choosing the best Income Protection in the UK

Selecting the right income protection policy involves assessing your financial needs, doing market research, and understanding the cost-to-benefit ratio. Factors to consider include:

  • Premium Cost: Monthly premiums vary based on your age, health, and lifestyle. Make sure the premium is affordable and doesn’t strain your finances.
  • Coverage Amount: The higher the income portion you want to insure, the greater the premium.
  • Waiting Period: The time between making a claim and when payments start. Longer waiting periods usually mean lower premiums.
  • Benefit Period: The duration you’ll receive payments, which could be for a few years or until retirement.
  • Policy Exclusions: Be aware of any conditions not covered by your policy, such as pre-existing health issues.

Frequently asked questions

If you would like to find out more about our flexible insurance for tenants, please call us on 01706 823 131

Income protection insurance, often called income insurance, is a long-term insurance policy
that provides you with a steady income if you’re unable to work due to illness or injury. Unlike some other forms of insurance, it covers a wide range of health issues that may prevent you from performing your usual job duties. This coverage ensures financial support from minor health setbacks to more severe conditions that could hinder you from returning to work for an extended period.

Income protection serves as a financial safety net, offering essential income replacement when illness or injury forces you to take time off work. Typically, this insurance covers a portion of your regular income, helping you meet everyday expenses and maintain your standard of living. Given that health issues can strike unexpectedly, having this protection can provide peace of mind and financial stability.

However, it’s important to recognize that the benefits you receive depend on various factors, such as the policy’s waiting period, the duration of payments, and the percentage of income insured. A thorough understanding of these elements will help you select the right coverage for your needs.

If illness or injury prevents you from working, you can initiate an income protection insurance claim. Generally, claims can be made once you’re officially deemed unfit to work. Keeping your insurer updated about any changes in your health or job status is vital, as this could impact your coverage. An advisor can guide you through the claims process, often free of charge.

In the UK, the benefits you receive from income protection insurance are typically tax-free, though this can depend on the specifics of your policy. It’s advisable to consult a tax expert to clarify your situation.

Income protection insurance is a critical element of a sound personal finance strategy. It acts as a safety net, ensuring that you have financial support if health issues prevent you from earning a living. By integrating this type of insurance into your financial plan, you secure your ability to cover daily expenses and safeguard your independence.

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Brilliant experience from the start over 10 years ago when I started renting to the present when with all their help I completed the house sale Everyone I spoke to was helpful and professional with Niall being a absolute star and kept me up to date with all communications

Ian Guffogg August 1, 2024

A huge shout out and thank you to Melanie and Niall at Lifestyle Sales and Lettings who have just helped us to sell our office building in Bury. They were so hands on, helpful, proactive and kept us fully informed of interest levels and viewings. I can’t thank them enough for everything they’ve done. We had previously put the sale in the hands of a larger estate agent! The service was nowhere near the same level and nothing materialised. If you want an estate who cares, and is actually working for you proactively – then you need to get in touch with the team at Lifestyle. Gill & Eric Arnott

Gill Arnott June 24, 2024
joanne herbert March 7, 2024

A big Thankyou to Melanie, and Henry! Even though my move took much longer than expected(through no fault of Lifestyle altogether) Thanks to Henry. Everything went as smooth as it possibly could, I was always reassured about any issues I had and he went above and beyond to make sure I was taken care of. Would definitely recommend

Dylan Proctor March 4, 2023

Me and my partner have recently moved out and Lifestyle lettings were absolutely amazing and efficient! We were helped along the way by Henry at every step who was amazing and I can’t recommend highly enough . The customer service here is second to none and i would urge anyone to try and get sorted moving with Lifestyle lettings. Thank you so much, Andy x

Andrew Rafferty March 1, 2023

Great team and brilliant customer service! Everyone was helpful and any issues with the property were quickly sorted out. Recommended!!

Max Dickinson February 24, 2023

Highly recommend this company. Melanie and her team are brilliant - genuinely nice people. Henry has dealt with letting out our property and from the very first phone call, he has been very professional and knowledgeable. He has made the whole letting experience fairly stress free - excellent communication skills - phone/face to face/emails.

Shirley A February 21, 2023

Big thanks to Henry going above and beyond for me, great responsive service

Ross Hand February 6, 2023
adolf chingono November 14, 2022

Lifestyle Sales and Lettings don't stop to surprise me, from the initial engagement to the continuous communication for maintenance and liaising with the landlord. They quickly answer all our queries and conduct themselves to the highest professional standards I have had the pleasure to deal with any Letting agency. Each of their outstanding staff that I have had the opportunity to speak with are exceedingly kind and helpful, from the receptionist to the Letting coordinators, from the sales agent to the maintenance team. Please keep being as good as you are.

Martin Armando Tejada Rodriguez November 2, 2022

Holding ourselves to the highest standard