*Percentage of income you can replace varies by insurer. Sucessful claim is based on inability to perform roles associated with your job only if policy is on an "own occupation" basis. Some policies may require inability to do a suited or similar, or any occupation.
**Percentage of income you can replace varies by insurer. Sucessful claim is based on inability to perform roles associated with your job only if policy is on an "own occupation" basis. Some policies may require inability to do a suited or similar, or any occupation.
What is Income Protection for?
Income Protection is designed to kick in and replace your income in the event you can't work due to illness or injury. An example would be if you were signed off work due to an injury, mental ill health, or something more serious like cancer.
Does it work if I have sick pay?
Income Protection policies are actually designed to work alongside employer sick pay. They do this by having what are known as "deferred periods". For example, if your employer offered you 8 weeks of sick pay, then your Income Protection policy would be set up with an 8 week "deferred period". This means it would pay out after your sick pay ends.
Can I use it if I'm self-employed?
YES! In fact as self-employed people have no employer sick pay Income Protection becomes more important than ever. For self employed people it is best to use the shortest "deferred period" possible. This means when you are off work, you can get your monthly benefit payments to kick in as soon as possible.
How much will it pay me per month?
You can set up Income Protection policies to suit your personal situation. However one rule is that the monthly benefit can't be more than 60% of your current pre-tax monthly income. This is because your insurance payment won't be taxed, so the amount you will end up with will then be similar to your current income.
How long does the monthly benefit pay for?
You can choose for the monthly benefit to be "unlimited". This means it would continue paying for the entire policy term (usually to retirement age) if you could never work again. You can also choose shorter payment periods such as 5 years, 2 years, and 1 year per claim. With these options, the premiums are cheaper.
How many times can I claim?
The best thing about Income Protection is you can claim as many times as you like over the policy term (usually to retirement age) AND the premiums don't change when you make a claim either!
How our voucher reward works: When you take out cover through My Advice you are eligible for the voucher reward offer. The amount of your voucher is calculated by the size of your first monthly insurance policy premium, rounded up to the nearest £5. For example, if your policy premium was £46.50 per month, you would get a voucher reward worth £50.00. The voucher reward is payable only when your policy goes active, and is paid 3 calendar months after your policy start date. Maximum voucher reward per postcode is £150.00. Where it is not possible to provide the voucher, the reward will be issued as a cash back sum paid by bank transfer. Offer does not apply to Private Medical Insurance or Hive Guaranteed Acceptance Insurance.
We like to reward our customers for doing the right thing...
When you take out Life Insurance, Critical Illness Cover or Income Protection you get up to £150 to spend at hundreds of well-known retailers. Terms & Conditions Apply
When you take out an insurance policy through us you're automatically eligible for a FREE Will Writing kit, because protecting your family is what we do. Terms & Conditions Apply
We apply a reduction to the commission we receive from the insurers, and pass that saving on to you in the form of cheaper premiums! Terms & Conditions Apply
How our voucher reward works:When you take out cover through My Advice (a trading name of Lifetime Financial Management Ltd) you are eligible for our voucher reward offer. The amount of your voucher is calculated by the size of your first monthly insurance policy premium, rounded up to the nearest £5. For example, if your policy premium was £46.50 per month, you would get a voucher reward worth £50.00. The voucher reward is payable only when your policy goes active and is issued 3 calendar months after your policy start date by email, using the same email address you used when you applied for cover with us. Maximum voucher reward per postcode is £150.00. If you allow your policy to lapse, or if the policy is in arrears prior to the intended voucher issuance date, then the voucher will be withheld until the policy is live and all payments are brought up to date. If for any other reason the insurer removes your policy from active status or your policy is in review, or further information is being assessed by underwriters before the intended voucher issuance date, the voucher will be withheld until the policy is “live” and premiums are paid and up to date again. Offer does not apply to Private Medical Insurance or Hive Guaranteed Acceptance Insurance.
How our free will kits work: In the event you purchase a policy through My Advice you will be eligible for a free will writing kit. Upon request we will send a will writing kit to you in the post no later than 14 working days following such request. Only one will kit per postcode. Will writing is not regulated by the Financial Conduct Authority
How our premium discounts work: We apply a 10% “commission sacrifice” to all Life Insurance, Critical Illness Cover and Income Protection quotes, thereby reducing the standard commission levels we receive from the insurers, which leads to a reduction in your monthly premium. The discount will apply for the lifetime of your policy. Please note a 10% commission sacrifice will not result in a 10% reduction in insurance premium as the commission we receive only makes up a proportion of your monthly premium. The actual reduction in premium will depend on several factors including, but not limited to, the size of premium, and the commission levels offered to us by the chosen insurer. Offer does not apply to Private Medical Insurance or Hive Guaranteed Acceptance Insurance.
We can offer advice on a large number of different insurance products
Protect your family with a lump sum or income in the event you pass away.Get Quotes
Provides a lump sum in the event you are diagnosed with a serious illness such as cancer.Get Quotes
Provides a lump sum to pay off your mortgage in the event you pass away or get seriously ill.Get Quotes
Covers the cost of getting treated in the private health system as and when you need it.Get Quotes
Wouldn't it be nice if your insurance did more than just cover the worst case scenario? Many of the policies we advise on include all sorts of extra benefits including:
24/7 Digital GP Services
Mental Health Support Services
Best Doctors® - Second Medical Opinion
Rewards for leading an active lifestyle
If you want to find out more about additional benefits and services, then just speak to one of our advisers - they'll be happy to help!Get Your Quotes
Let's be honest, nobody likes annoying phone calls and pushy sales people. Here at My Advice we do things a bit differently. We're a team of trained and qualified insurance advisers who are here to provide you with guidance and advice, as well as great quotes, and we don't harrass, cold call or try to pressurise you into buying something you don't want.
Our team of advisers are here to give you the most suitable advice for your circumstances. Each and every member of our team has one goal, to help you understand how to cover off your risks, but to do so in a cost effective way that fits your financial circumstances ...Simple really