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Income Protection Advice in Leeds

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Income Protection Advice in Leeds

Financial support if you become ill or disables and are unable to work. Ensuring you have regular income payments until you can return to work.

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Income Protection Insurance Advice in Leeds

Anyone can get ill and it can prevent you from working. This is why it can be useful to have Income Protection insurance so that you can continue to receive a monthly income if anything like this happens.

When the policy pays out, you will receive a lump sum in monthly payments until you are able to return to work or retire. Before you receive your payments, for the deferred period you will be expected to use some of your savings, an employee sickness scheme or some other source of income to live off. This period can be defined upon taking out your policy; the shorter the deferred period, the higher your monthly premiums will be.

Each policyholder will have a different set of terms, no two people will be the same. As your protection and mortgage broker in Leeds, we will work alongside you throughout the whole process. The first step is to try and find the right policy for you and set the correct specifications so that the terms fit your personal and financial situation.

We have dealt with customers that haven’t needed their policy, however, the risk of not having one can outweigh the costs of having one. If your situation changes and you don’t have a backup in place, you may struggle to compensate for the lost income. Feel free to contact our team in Leeds for more advice on Income Protection or any other kind of insurance.

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Income Protection Advice in Leeds

Do I need Income Protection Insurance in Leeds?

A large number of employers offer this as a part of their employee benefits package, therefore, some applicants may already have Income Protection insurance in place. This means that you will not have to take out another policy unless you switch to an employer that does not offer it.

People may opt to use their savings instead of taking out Income Protection. If you choose this option, you may need to think about how you’d be able to afford living costs if you were to get ill again.

If you would rather save your money and have a policy in place to provide the payments, Income Protection could be the best solution for you.

There are other alternative policies such as Critical Illness insurance, however, this tends to cover life-long diseases or disabilities that will put you out of work for life.

Before making a decision, we recommend consulting with a qualified protection and mortgage advisors in Leeds. As experienced professionals, we will evaluate your personal and financial situation, helping you find the most appropriate insurance product tailored to your specific needs.

Speak to an Income Protection Advisor in Leeds

At Leedsmoneyman, we offer every customer a free insurance review, no matter their situation and always provide expert mortgage advice in Leeds. We will go through your personal and financial circumstances and check whether Income Protection is the right option for you. Factors such as your lifestyle, age and medical history can affect the monthly premiums that you will have to pay on your policy.

Income Protection insurance can be costly, and even more so if you choose for a short deferred period with your policy. If you have other Insurance policies in place, it could be beneficial to work out the total costs and what you are covered for.

Before taking out your policy, you should be aware of the specifics, when it pays out and the conditions that come with the policy. Your Protection Advisor in Leeds will help with this.

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Income Protection Insurance FAQs

Is it worth speaking to an Income Protection Insurance advisor in Leeds?

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We provide a complimentary Insurance review to both new and existing customers, allowing you to engage with one of our dedicated protection and mortgage advisors in Leeds. During this review, we will take the time to understand your individual financial circumstances, considering factors such as your lifestyle, age, and medical history.

I have other insurance, like Critical Illness Cover. Should I still consider Income Protection Insurance?

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While you may have other insurance policies, such as Critical Illness Cover, which addresses specific illnesses that may impact your ability to work, it’s important to periodically review your current coverage for potential future gaps. As experienced mortgage brokers in Leeds, we often encounter individuals who prefer relying on their savings instead of investing in Income Protection Insurance.

In such situations, it is crucial to assess whether your savings can adequately cover your living expenses during the required period and to consider the possibility of needing additional time off for emergencies. This ensures that you have the necessary financial safety net in place.

What information do I need before finishing my Income Protection Insurance policy?

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It’s crucial to have a comprehensive understanding of what Income Protection Insurance covers and the associated conditions. Our protection advisor in Leeds will guide you through the policy details, ensuring you are well-informed about its benefits and limitations.

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Our Simple Step by Step Process

Free 30-Minute Insurance Review

Step 1

Your protection advisor in Leeds will discuss your health history with you, gathering essential information to make well-informed decisions.

We Will Search Through Different Insurance Products

Step 2

With access to a vast array of insurance products, our team will search extensively to find the most suitable coverage to protect you and your family.

Submit Your Insurance Application

Step 3

Once we identify the most suitable insurance product for you, we will submit your application to the provider. On occasion, the policy provider may request additional information from us before considering your application.

Protecting You and Your Family

Step 4

For customers who have obtained their mortgage through us, we will proactively reach out to you during the remortgage process. This presents an ideal opportunity to review any existing policies you have in place.

Reasons to Choose Us

Free Protection Review

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As a specialist Mortgage and Protection Advisor in Leeds, we know how important it is to have the right policy in place that has the correct terms and specifications to fit your personal and financial circumstances.

1000's of Deals

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We have been helping clients for over 20 years now. Our team is trained, knowledgeable and hardworking; trying to find that perfect policy for you is our number one priority.

Our Service

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Your dedicated protection and mortgage advisor in Leeds will be open and honest with you at all times, only recommending you a deal that benefits and suits your circumstances. From start to finish, they will be right by your side.

7 Days a Week

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We have collected some excellent reviews! Take a look at what past customers have said about our service and their experience with us. Head over to our reviews page to find out more.

If you are thinking about taking out more than one insurance policy at one (menu plan), we can also help with that. Just get in touch with our team and find out more!

Malcolm and Amy Davidson - Mortgage Advice in Sheffield

Finding you the Right Income Protection Insurance in Leeds

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Different Types of Income Protection Insurance in Leeds

Accident, Sickness and Unemployment (ASU)

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This policy covers your accidents, out of the blue illnesses and redundancy. Life is full of surprises, and it can be beneficial to have your back covered just in case something happens.

Your policy will pay out in monthly tax-free lump sums to cover your lost income. The cover will begin when your deferred period ends. These payments typically last between 12-24 months. When you take out the policy, if it pays out, you are expected to return back to work.

When the policy pays out, you will be able to spend the money on whatever you want.

Payment Protection Insurance (PPI)

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PPI covers your outgoings, loans, debt repayments, whereas, basic Income Protection is designed to cover your wider income. When you are unable to work, you are still contract bound into meeting these payments, therefore, it is important that you have a plan in place to cover the costs when you cannot.

You need to specify how long you want the policy to run for. Usually, they come in shorter terms.

Mortgage Payment Protection Insurance (MPPI)

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If you want to take out an Income Protection policy that just covers your mortgage payments, then MPPI may be the right option for you. Rather than paying out your monthly wage, the amount that is paid out will match your mortgage repayments. In some cases, you may be allowed to borrow a little extra to cover extra bills and other small expenses.

MPPI will only pay out after your deferred period ends. The shorter your deferred period, the higher your monthly premiums will be, and vice versa. If you return to work, you will stop receiving the payments. For Mortgage and Protection Advice in Leeds, get in touch with our team today.

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Leedsmoneyman.com & Leedsmoneyman 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, Hull, 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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