Life and Protection Insurance | Income Protection Advice
Life Insurance and Income Protection insurance policies are designed to offer financial support when the unexpected happens. Protection policies such as mortgage protection life insurance, critical illness cover, and income protection can protect you, and your family, from the financial consequences of death, a serious accident or illness, or unemployment.
Choosing the correct policy for you is vital for ensuring your loved ones are cared for. However, there are various types of life insurance income protection policies, and it can be difficult to know which is best for you.
At Cross Point Financial, we have been offering informed, impartial life insurance and income protection advice for decades. We can help you identify the best solution for you and assist in finding the right provider, right through to application.
For more information about the various life and income protection insurance solutions, click below, or get in touch, either via our contact form or by calling Andy on 07976 513630.
Payment Protection Insurance / Short Term Income Protection Insurance
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Payment Protection Insurance and Short Term Income Protection Insurance can provide a monthly income to help cover your regular outgoings if you can’t work due to an accident, illness/injury or, often as an optional extra, unemployment.
There are important differences between these products, and long-term Income Protection Insurance. They include a limit on how long the replacement income will be paid for – usually between 12 and 24 months. By contrast, Income Protection Insurance will pay out for as long as you are unable to work (up to the policy expiry).
Unemployment cover is often an optional extra on these policies, or can be purchased as standalone cover.
Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk