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INCOME
PROTECTION

 YOU ARE YOUR OWN BIGGEST ASSET. MAKE SURE YOU INSURE IT

At Work

WHAT IS INCOME PROTECTION?

Income Protection Insurance is a payment that helps you meet your financial commitments.

It's basically like sick pay, which you cover and pay for yourself on a private policy.

It pays you an agreed monthly income to replace a portion of you salary. You chose  how much cover you need. It's helpful for paying monthly commitments and bills, such as mortgages and any other costs. 

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IN MORE DETAIL

The thought must have hit you at some point. What will happen to my family if I’m unable to work?

It could be an illness that stops you in your tracks. Or an accident. You may lose your job through no fault of your own.

Either way, if you can’t work, your prospects look bleak. Along with those of any dependents in your family.

But you might say ‘I already have Critical Illness Cover…’

Unfortunately, Critical Illness Cover only protects against illnesses that are critical. It varies, but with most providers this means illnesses that don’t put your life at risk.

Depression isn’t classed as a critical illness, but can be a very debilitating illness. The same goes for other conditions like Fibromyalgia.

Would you still be able to carry out your duties?

This certainly wouldn’t be covered under Critical Illness Cover, but it would be covered by the right Income Protection Insurance policy.

Plus, Income Protection Insurance would also cover a business loan.

That’s not a feature that you can get with Critical Illness Cover.

HOW CAN VMIS HELP?

At VMIS, we always look at policies in-depth and give you the best advice. One of the questions we ask is ‘will this policy have a guaranteed or reviewable premium?’

If it’s reviewable, the cost of your cover will increase, usually each year. And if the insurance company needs to increase revenue, the cost of your premium rises.

You could be completely fit and healthy. And you may have never claimed before, too. But it doesn’t matter. Your bills could rise from between £60 and £80 a year if you don’t have a guaranteed premium.

Incidentally, Covid-19 means reviewable premiums will likely rise over the years ahead.

Another area is how the policy is set up. If you check the wording, you could be badly caught out. We see it all the time, but by then it’s usually too late.

If you are unable to work, either from an injury or a mental health problem. As a result, carrying out your duties may no longer be possible. When this happens, you’ll need time to recover or retrain.

Some policies won’t see it this way, however. The sad truth is, because you could technically work in a call-centre, they’d describe you as eligible for work.

That’s why it’s essential to have expert advice when buying insurance policies.

At VMIS, we know which providers have the best terms. We’re impartial, so our expert knowledge guides you to the best insurance package for your needs.

 

Plus, we know where any caveats might be hiding.

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Life

Insurance

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Critical Illness Cover

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SEALS OF APPROVAL

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Velvet go all out to help you! Offering honest, easy to understand advice, Joanna and her team can’t be bettered!
Thanks for all your help I recommend you to anyone looking to secure a mortgage and their critical life cover.

Damien O'Dwyer

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Highly recommend – very supportive and informative throughout the entire process. very professional team and clearly want to get the best deal. Even a global pandemic didnt stop them getting me a great mortgage deal! will be using the team again for my next property!

Sam Little

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