OPT Financial works on a Face-to-Face model, meaning we sit down with each individual customer and completed the process with them at a time and date (and location) to suit them.
WHAT IS INCOME PROTECTION?
Income protection policies cover you if you are out of work due to redundancy, illness or an accident resulting in injuries. The policy will pay out a tax free income to help you to pay your bills and continue your way of life whilst you’re out of work. This income will continue until you are fit to return to work or you retire.
TYPES OF INCOME PROTECTION
Most life insurance policies will pay out a lump sum when you pass away to help your family pay the mortgage, or to leave an inheritance to your children. Whilst this is important when you’re gone, unfortunately it’s more likely you or your partner will be out of work from an accident, long term sickness or redundancy. Whilst life insurance will pay a lump sum, income protection payouts will normally cover your mortgage or rent payments, utility bills and other expenses while you’re out of work.
There are two different types of income protection policies to consider:
PHI, PERMANENT HEALTH INSURANCE
Permanent Health Insurance policies can protect some of your income if you have an accident or fall ill. Normally a PHI policy will protect 50% of your gross salary, and this can be paid to you until you’re fit to work again or until you retire.
ASU, ACCIDENT, SICKNESS & UNEMPLOYMENT COVER
ASU policies cover mortgage, rent and debt payments if you fall ill, have an accident or become unemployed. The level of cover depends on your individual circumstances and what it is you’d like to be covered for. ASU policies can cover you for illness, accidents and unemployment.
Amount of cover
Each insurance policy, level of cover and monthly amount depends on each and every individual circumstance. There are lots of factors to consider when thinking about an income protection policy:
COVER FOR YOU
Most insurance policies start from as little as £9 per month, the higher the premium, the more protected you are. It’s important to think about what you want to be covered for and how much you can afford to pay.
If you’d like to discuss this with someone, we have a dedicated team of professionals who can help understand your needs and advise the best options for you to help make the right choice.
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We understand that people have varying circumstances and requirements. If you're interested in any of our services and would like to discuss this further with us, you can request a quote below.
We review you current financial situation, helping you understand the financial impact if you were to pass away. We have a dedicated team who search the market to find the best products for you.
Face to Face Meetings
Whole of Market Broker
Full Financial Review
Free Policy in Trust
Tailored Protection Plan