Income Protection

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Income protection insurance offers income protection in the event of long term incapacity; it will pay you a monthly income if you are unable to work because of an accident, sickness or disability.

In the event of a claim, a permanent income protection policy will continue to pay out until you return to work or the policy expires, which will often coincide with the end of your mortgage term. If you do return to work the income protection policy will stop paying out; however, with most policies of this kind, you are entitled to claim again in the event of further episodes.

Conditions and Options for Income Protection Policies

When taking out a long term income protection policy you opt for a deferred period, which is the delay between becoming unable to work and receiving the benefit. Usually the deferred period would take into account any short term sickness pay provided by your current employer.

If you are self employed you will need to consider how long you could manage without a regular income. Note that the longer the deferred period, the cheaper the income protection policy will be.

Different insurers have varying criteria for defining whether or not you are unable to work, and it is therefore of paramount importance to make sure you are fully aware of the terms and conditions of each policy on offer, as well as the cost of the insurance.

The income that income protection insurance will pay out is always limited to a proportion of your income, so that there is, at least in theory, an incentive for the policyholder to return to work. However, as the benefit is tax free it often represents a substantial income.

Pre-existing medical considerations will have a significant bearing on the cost of your premiums, as will your employment type: if you have a high risk occupation, insurers are likely to charge you more, because you are more likely to make a claim. Insurers may also have 'exclusions', or situations where they will not pay out on an income protection insurance policy.

Contact us today for comparative quotes from top UK insurers and an explanation of how income protection insurance could benefit you.

Please click here for an Insurance quote. All enquiries will be forwarded to LIMA Financial Services LTD: LIMA Financial Services LTD have access to the following lenders and Insurers Residential Lending:
Abbey	GMAC	Preferred
Accord	Halifax	Principality
Advantage	Infinity Mortgages	Progressive
Alliance & Leicester	Intelligent Finance	Royal Bank of Scotland
Bank of Scotland	Kensington	Scottish Widows
Bank of Ireland	Leeds	Skipton
Birmingham Midshires	Lloyds TSB	SPML
Bristol & West	Mortgage Express	Standard Life Bank
Buildloan	Mortgages Plc	The Mortgage Works
Capital Home Loans	Mortgage Trust	TMB
Chelsea	Nationwide	The Mortgage Business
Cheltenham & Gloucester	Natwest	The One Account
Coventry	Northern Rock	UCB Homeloans
Dunfermline	Norwich & Peterborough	Ulster Bank
Edeus	Paragon	West Bromwich
First Active	Platform	Woolwich
First Trust	Portman
Lenders accessible through The Packagers:
Amber	Future	Money Partners
Beacon	High Street Homeloans	Rooftop
DB Mortgages	I Group	Scarborough
First National	London & Scottish	Swift
Freedom Lending	London Mortgage Co	Unity and Victoria Mortgages
Commercial Lenders:
BOI	Heritable	Northern Rock
BOS	Interbay	RBS
Chase UK	Natwest	TBMC
Fiducia
Overseas Property:
Blevins Franks	Conti Financial Services	Fidentia Group
Life Insurance Providers:
Axa	Friends Provident
Bupa	Health-on-line and Standard Life