Income protection could provide a lifeline should you suffer an accident or illness

Income protection insurance is an important protection product for most people as it is designed to provide protection in the event of a loss of income caused by a long-term illness or injury.

Income protection insurance provides regular payments that replace part of your income if you’re unable to work due to illness or an accident.

It’s not the same as critical illness insurance, which pays out a one-off lump sum if you have a specific serious illness.

Our expert advisors are on hand to discuss your income protection insurance options in Birmingham.

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How Does the Policy Work

If you are unable to work due to long-term illness or injury, your income protection insurance policy will pay out a tax free monthly income to help compensate for your loss of earnings. The maximum amount of benefit you can receive is based on a percentage of your gross earnings (usually around 50% of your pre-tax income). These monthly payments will continue until you are fit enough to return to work or until the end of the policy term if you do not recover.

Whilst the policy is in force, it can be claimed as many times as you need to.

There is often a pre-agreed waiting (“deferred”) period before the payments start. The most common waiting periods are 4, 13, 26 weeks and a year. The longer you wait, the lower the monthly premiums.

Most of us live from one payday to the next and we need this regular income to cover monthly commitments. Even those who have savings could encounter financial hardship if they lose these regular payments for more than a couple of months.

Our specialist advisors based in Birmingham will be able to go through exactly what you need from your income protection policy and start the process to put the correct cover in place for your peace of mind.

speak with an expert

If you’re considering income protection insurance, speak to our specialised advisors today for professional advice and support.

Why trust RM Mortgages Solutions?

By choosing us as your protection advisor, you can be sure to receive comprehensive advice from experienced professionals with access to cutting-edge technology and the latest information on the current protection market. Our team of experienced professionals takes pride in their ability to build long-term relationships with clients to ensure that they always have sound financial advice.

We understand that each client’s situation is different, so we work hard to ensure that each protection package is tailored specifically to your requirements. We always provide impartial advice and unbiased opinions – allowing our clients complete peace of mind when making important financial decisions.

To discover what RM Mortgage Solutions can do for you, get in touch with our specialist advisors today.
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