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Income Protection Advice in Nottingham

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Income Protection Advice in Nottingham

Income protection insurance provides financial support if you become ill or disabled and are unable to work in Nottingham.

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Income Protection Insurance Advice in Nottingham

Income Protection Insurance is designed to pay out a monthly benefit if you are unable to work due to illness or accident. The applicant can decide along with the help of their Advisor on how much cover to take out for the claim. They can also choose how long they are prepared to wait before they are entitled to put a claim in.

Income Protection insurance can be expensive in comparison to life cover. As you are far more likely to be unable to work due to illness than die. The monthly benefit continues to be paid out until you return to work unless you have selected the “Budget” version of the policy. This typically only pays out for 24 months but is much cheaper.

The big advantage of Income Protection Insurance is that unlike Critical Illness Cover it pays out for whatever is preventing you from working. Unlike Critical Illness which is just a list of specified illnesses.

This type of policy is very popular amongst the self-employed and also employed applicants who do not benefit from generous Employer sick pay schemes.

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Income Protection Advice in Nottingham

Do I need Income Protection Insurance in Nottingham?

We are pleased to offer a complimentary insurance review to all new and existing customers in Nottingham, conducted by one of our expert protection and mortgage advisors in Nottingham.

Income Protection can be a costly investment, considering the potential for multiple payouts. If you already have other insurance policies, we recommend assessing the overall costs and coverage provided by each policy.

When you decide to obtain an Income Protection policy, it is essential to fully understand its coverage and associated terms and conditions. Our protection and mortgage advisors in Nottingham will assist you in navigating these aspects.

During your free insurance review, our dedicated team will carefully evaluate your personal and financial circumstances to determine whether Income Protection is the most suitable choice for you. Factors such as your lifestyle, age, and medical history will be thoroughly reviewed to identify the optimal policy for your needs.

Speak to an Income Protection Advisor in Nottingham

It’s very important to us that all of our customers are given an equal opportunity to take insurance our through ourselves. We wouldn’t be doing our job right if we didn’t mention it!

We offer all of our customers a free, no-obligation protection review where our mortgage advisors in Nottingham will have a look at any existing policies you have in place and assess their suitability. We’ll then recommend which products, including critical illness and income protection that meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.

Providing Income Protection Insurance Advice in Nottingham & Surrounding Areas

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Income Protection Insurance FAQs

What is income protection insurance in Nottingham?

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Income protection insurance is designed so it can pay you a monthly income if you are unable to work for any reason.It can come in two variants, either with a monthly amount that pays until you can work again, or a short-term version that pays only for a limited period per claim.

How does income protection insurance in Nottingham work?

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At the point where you become unable to work due to illness or disability, you will receive lump sum payments from income protection insurance in Nottingham, to help cover things like your mortgage payments when you have become unable to earn the income to cover it.

There may be a postponement period after a claim, where the provider will hold off if your employer may offer you sick pay for a certain period, although this period can be determined when you set up your policy. A shorter deferral period usually means higher costs.

Do I need income protection insurance in Nottingham?

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You may already have Income Protection Insurance in place, which can be obtained separately or as part of your employer’s benefit program. It is advisable to review your employment contract to find information about the insurance policies provided by your company.

If you already possess a different type of insurance policy, such as Critical Illness cover, which specifically addresses illnesses and disabilities that can prevent you from working again, you may not require income protection. However, it is still a good idea to review your existing coverage to determine if there are any additional policies you may need in the near future.

Some individuals may choose to save money on Income Protection Insurance and rely on their savings instead. If you prefer to use your savings, it is important to assess whether you can adequately cover your living expenses during the required period.

Consider this perspective: What if you need more time off due to another unforeseen emergency? Do you have sufficient additional savings to cover the associated costs?

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Our Simple Insurance Process

Free 30-Minute Insurance Review

Step 1

Please consult with a dedicated protection advisor in Nottingham to discuss the potential insurance options that are relevant to your needs. Alternatively, you can consider listening to our recommendations. When you meet with one of our mortgage and protection advisors in Nottingham, they will go over your medical history with you. This process involves gathering some initial information in order to make an informed decision.  

We Will Search Through Different Insurance Products

Step 2

We will meet your available monthly budget and create a tailor-made plan that surrounds your current personal and financial situation. Our team can search the market, to find the most suitable insurance product, to protect you and your family.  

Submit Your Insurance Application

Step 3

Once we have found the right product for you and you are happy to continue, we will submit your application to the provider. Occasionally, the policy provider may return to us for further information before they will consider accepting the application.

Protecting You and Your Family

Step 4

If you have also taken out your mortgage with us, we will contact you again at the time of the remortgage. We will also take this time to look at any policies you have in place. The circumstances change and the policies you took out at the beginning of your mortgage may no longer be suitable for you at the time of your remortgage.

Reasons to Choose Us

Free Protection Review

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We offer all new/existing customers a complimentary protection review where we will examine any current policies you have and assess their suitability. Afterwards, we will suggest which products, such as critical illness income protection and/or life insurance, align with your requirements. If necessary, we will tailor the plan to fit within your monthly budget.

1000's of Deals

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Your protection advisor in Nottingham will consistently provide clear and transparent mortgage advice in Nottingham. Throughout the process, they will work on your behalf to find the most suitable arrangement based on your personal and financial circumstances.

Our Service

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As a mortgage broker in Nottingham, with over 20 years of experience in the mortgage and protection industry, we have assisted numerous customers in acquiring Income Protection products in the past and we could assist you next!

7 Days a Week

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Our protection and mortgage advisors in Nottingham are dedicated to ensuring your protection and securing the appropriate policy that will provide financial assistance when it is most needed.

Malcolm and Amy Davidson - Mortgage Advice in Nottingham

Finding you the Right Income Protection Insurance in Nottingham

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Paragon Mortgages
TSB Mortgages
Halifax
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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HSBC
Nationwide
Skipton
Pepper Money
Mortgage Works
Coventry Building Society
Santander
Natwest Mortgage Advice
Newcastle Building Society
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Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Different Types of Income Protection Insurance in Nottingham

Accident, Sickness and Unemployment (ASU)

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This form of Income Protection provides coverage for unexpected events that can disrupt your finances. In life, you may encounter accidents, illnesses, or unemployment, all of which can impact your income.

This protection comes into play when you fall ill, have an accident, or lose your job. You will receive monthly lump sum payments that are tax-free and serve as compensation for your lost income. These payments usually continue for a period of 12 to 24 months. The aim of this policy is to support you until you can return to work.

Once the policy is paid out, you have the flexibility to use the money as you wish.

Payment Protection Insurance (PPI)

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This type of income protection also covers your regular monthly debt repayments, such as loans, mortgages, and credit cards, that you are unable to pay due to your inability to work.

When you take out this policy, you will need to specify the duration for which you want the coverage to be in effect. Generally, these policies are designed for short-term protection.

Mortgage Payment Protection Insurance (MPPI)

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If you become unable to work and struggle to keep up with your mortgage payments, Mortgage Payment Protection Insurance (MPPI) can cover these costs. Instead of providing your full monthly income, it is typically utilised to cover your mortgage payments. In some cases, you may receive a slightly higher amount to cover bills and other minor expenses.

Usually, your mortgage payment protection insurance will only provide coverage for up to 12 months or until you can resume work. Once you are back to work, the payments will cease.

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Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Nottingham, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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