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Income protection insurance can be a valuable and often essential financial safety net if you become unable to work due to illness, an accident or injury. It can crucially help replace a sizeable proportion of your income, so that you can continue to pay your mortgage, rent, household bills and other important financial obligations.
Whether or not income protection is worth the cost generally depends on your individual circumstances, such as income, occupation and your financial situation. If you are the sole earner in your household or if you have numerous financial commitments, then income protection could be a good financially prudent option for you.
The cost of income protection insurance will vary considerably depending on several key factors, such as age, occupation, health, and the level of cover you choose. As a rule, you can expect to pay around £10 – £100 per month for income protection insurance, depending on the level of cover required.
Income protection insurance typically covers a wide range of the most common illnesses & injuries, including:
Some Income protection policies may also cover redundancy and/or pre-existing conditions, although this is not always the case.
This is often difficult to answer, as the best income protection insurance for you will depend on your individual circumstances and policy requirements. It is important to compare policies from different insurers and speak to a specialist to evaluate your options and find one that offers the right level of cover at a competitive price.
This depends on the type of policy you opt for. However, in general, income protection insurance does not cover every type of illness and injury. Some common exclusions include:
There are a few potential disadvantages to income protection insurance, including:
Some income protection policies specifically cover redundancy, but some do not. If you are considering taking out income protection insurance, it is important to check whether redundancy is covered. Alternatively ask for a quote covering redundancy.
Critical illness cover is a different type of income protection insurance that specifically pays out a lump sum, if you are diagnosed with a critical medical illness, such as various types of cancers, heart conditions, strokes and brain tumours. This financial payout can be used to cover your financial needs, such as medical expenses, mortgage payments, or childcare costs.
There is no limit to how much life insurance you can access. Typically, the higher the amount, the higher the premium. Depending on your age, and how much cover you apply for, the policy could be subject to medical or financial underwriting, where the insurer takes on financial risk for a fee.
Placing a life insurance policy into Trust has two main benefits. Firstly, it helps to speed up the claim process, so that the cash lump sum gets paid to the beneficiaries sooner. Secondly, as the lump sum is written into Trust, it is not subject to any inheritance tax, so your beneficiaries have no tax to pay on the pay-out
The maximum age for purchasing a MetLife insurance policy in the UK depends entirely on the type of policy required.
For individual protection policies, such as Everyday Protect, the maximum age is 65, for MortgageSafe it’s 59 and ChildShield is 17.
To initiate a claim payout, the policyholder or beneficiary must submit a claim form and provide any supporting documentation asap. They will then be contacted to discuss the specifics of the claim.
If the claim is approved, MetLife will release the payout funds using the preferred method of payout chosen by the policyholder or beneficiary. Once your claim is approved payment is usually made within 5 business days. Please note, payment times may vary.
Met Life is one of the largest and most popular global insurance companies. They are a leading international provider of insurance, annuities and employee benefit programmes in over 40 countries.
MetLife is a highly reputable insurance company that has a superior bond credit rating from S&P and Moody’s. These scores reflect MetLife’s financial strength and ability to pay customer claims.
There are several benefits including comprehensive and flexible coverage, as MetLife offers a wide range of insurance products to protect UK citizens against a variety of risks, including life insurance, income protection, accident and illness cover, and more. Allowing customers to choose the policy and coverage specifics that best suits their individual needs and budget.
Primary policy benefits are often listed as financial protection – as income replacement, peace of mind, affordability, return to work support, portability from one company to another, free access to a Wellbeing Support Centre, plus discounts for employees of specific companies.
MetLife Europe is registered in Dublin, Ireland, and MetLife UK & Worldwide has offices in London and Brighton. MetLife UK offers a range of individual and employee protection solutions, including life insurance, income protection, and critical illness cover. MetLife UK products are only available through financial advisers and intermediaries.
MetLife has been operating in the UK since 2007 and has helped millions of customers protect their families and finances.
In the UK, the age at which life insurance stops or becomes more difficult to obtain can vary depending on the type of life insurance, your employment status and the terms and conditions set by each insurer. Speak to your us to understand the specifics for the policy you’d like.
The older you get the more relevant life insurance is to protect yourself and your family. It will also ensure that any payment made upon your death helps your family with outstanding debts, funeral costs and mortgage payments.
Absolutely. Your premiums will be priced according to your medical history including any pre-existing conditions. As well as your occupation, budget and your smoker status.
To continuously improve our service and built better products, we strongly believe in encouraging customers to feedback what’s working and where improvements could be made. To support this, we teamed up with the brilliant Reviews.IO, so everyone can leave honest reviews for everyone to see, in real time.
Over many years we have developed a hard-earned reputation for our honesty, no obligation quotes, relaxed approach and reliable & flexible insurance products.
If you have any questions about any of our policies, from income protection, life or home insurance to one of our more specialist policies; or would simply like a ‘no obligation’ quote, we’d love to take your call on
0800 368 7533.
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