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Income Protection

What is it?

Income protection gives you assurance that you will continue to receive a portion of your wage or salary if you are sick or have an accident and you’re unable to work. Income protection insurance can provide up to  70% of your monthly earnings any time you’re off work because of injury, illness and unemployment. Income protection comes in two main forms:

Income Protection

This type of policy is designed to provide an income in the event that the insured individual becomes unable to work due to ill health. The level of premium will depend upon the amount of benefit and term selected and most policies cease to pay the benefit once the insured is able to return to work. Income Protection policies are usually written to retirement age or 60 if earlier.

Accident, Sickness & Unemployment (ASU)

Critical illness cover provides a lump sum benefit in the event of diagnosis of a defined critical illness.

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Income Protection Frequently Asked Questions

If you have any questions regarding income protection, please read over the questions below before contacting a member of our team. 

The monthly premium you pay will depend on the percentage of your monthly income you want to cover and the waiting period you choose before you begin to receive benefits. Cover can start from as little as £5 a month which is our minimum premium.

The minimum term for a plan is five years, and the maximum term is limited by your age. Cover will cease when you reach age 68.

If you are employed we can get cover up to 70% of your regular gross income. If you are self-employed you can cover up to 70% of your net profit. Benefits will be paid to you monthly free of tax. You can also select to include inflation cover. The maximum benefit at the start of your Income Protection is £49,000 per year. The minimum benefit is determined by the requirement to have a minimum premium of £5 per month.

If you do not pay your premiums, we will be unable to pay your benefit when you make a claim.

The waiting period/deferred period is the length of time between the first day of your incapacity to the date when we start to pay your sickness benefit. If you are not sure of your waiting period, refer to your plan documents.

You can choose the waiting period at the start from 2 weeks, 4 weeks, 8 weeks, 13 weeks, 26 weeks and 52 weeks. The longer the waiting period you select, the lower your monthly premium will be.

If the relevant documents, and all supporting documents, are returned completed correctly then it is possible for us to accept your claim within five working days of receiving the documents from you. Upon acceptance we will contact you to let you know.

We will notify you about a successful claim in writing. Your sickness benefit will then be paid monthly in advance into the bank account from which the premiums for your plan are paid.

The process length of time is dependent on the type of claim. For most claims, we can make a decision within 48 hours of receiving your completed form and documents. However, there are some occasions where we will need further medical or financial evidence, which may cause slight delays in us reaching a decision.

High Policy Payouts

simply cover work hard to produce the best available income protection options for our customers, with the vast majority of our policies accepted for the maximum 75% income payout.

Fixed Monthly Payments

we acknowledge that not everybody’s working circumstance are the same. we have a vast range of policies available from across the market. are you one of the 96% of self employed workers who don’t have income protection? we can help. 

Advanced Protection Products

we look to secure income protection policies with advanced payments to ease the financial burden while any claims are being process.

Flexible Policies

you receive all available options from a cross market review to provide leading standard, decreasing and combined policies.

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Why choose Income Protection with Simply Cover?

We search the UK market to find your cheapest quote. Simply Cover is one of the UK’s fastest growing insurance brokers. We compare all the major providers as well as the smaller specialists, always ensuring you receive tailored pricing. Our services are free and without obligation and we always try and find you the cheapest price, if not we price match.

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