Get help, advice and information on all your Finance issues. http://advice-and.info/Finance/income+protection.htm Mon, 04 Aug 2008 15:35:57 GMT en If you do not want to be left struggling if you should lose your income through such as redundancy, then income protection should be considered. Income cover would allow you the peace of mind of a tax-free sum each month. This income would replace your own up to a certain amount and would mean you could continue paying essential outgoings. While you could use your redundancy money if you had enough, this would make a big dent in it, especially if you were to be unemployed for many months on end. A better way of securing a monthly tax-free income is with income protection insurance. You would have to be able to maintain all of your outgoings if you did not want to see changes. This could include such as rent, mortgage, loan and credit card repayment. These are all essential as by getting behind on your mortgage means you are at risk of losing your home. Then you would have to take into account all other monthly outgoings. These include gas, electricity, food bills and any other outgoings. http://advice-and.info/Finance/83914_Income_Protection_Ensures_You_Are_Not_Left_Struggling.html Thu, 03 Apr 2008 03:00:15 GMT If you want peace of mind that you would be able to maintain your loan or credit card repayments if you lost your income, consider loan payment protection. Loan protection could give you a safety net on which to fall if you were to become unemployed. It would also protect against being unfit for work due to suffering illness or accident. You would have to wait a period before putting in a claim. You must be continually unfit or unemployed for between 30 and 90 days. Once the policy had commenced paying out it would then provide benefit for between 12 and 24 months. The income you would receive would be tax-free and would allow you to concentrate on recovery or to find another job. Peace of mind during this time is essential and loan payment protection can give this. http://advice-and.info/Finance/83806_Loan_Payment_Protection_Can_Provide_An_Income_That_Is_Tax-free.html Tue, 01 Apr 2008 12:09:10 GMT Loan protection can give the policyholder a monthly income, which is tax-free. A policy would insure against the policyholder being made unemployed by such as redundancy. It would also safeguard against accident or illness. In order to take out a policy the individual must be in full time employment. Must be aged between 18-65 years of age, plus there will be other requirements. A policy would give the individual an income after a certain period. This will be set out in the terms and conditions and must be read. http://advice-and.info/Finance/83801_Loan_Protection_Can_Give_A_Tax-free_Income.html Tue, 01 Apr 2008 12:09:16 GMT While no one likes to consider the fact they could become unemployed by such as redundancy, it does happen. Firms lay people off every day and one of them could be you in the future. If this were to happen then you would be struggling when it came to keeping up with your essential outgoings. In some cases, you would have to cut back drastically to ensure you had the money needed. Income protection cover can replace your income up to a certain amount each month. This would ensure your lifestyle could be maintained. Essential outgoings are such things as your loan, credit card or mortgage repayments. However, there is more to consider than just these. You also have to take into account every bill that you pay each month. The majority of individuals pay council tax and water rates bills and then have such as electric and gas and food bills to pay. You then have to figure into the scenario such as cable TV and any other general monthly outgoings. When all of these are taken into account, it adds up to a tidy sum. While you might have redundancy money, a big dent would be made in it if you remained out of work for any length of time. http://advice-and.info/Finance/83798_Income_Protection_Cover_Replaces_Your_Lost_Income.html Tue, 01 Apr 2008 12:09:18 GMT Having a safety net on which to fall if you were to become unemployed through such as redundancy, should be considered essential. Losing your income could mean that you would struggle each month when it came to meeting your essential outgoings. You could even have to pull the strings in tight just to make ends meet each month. However, income protection insurance could be your safety net and allow you to continue living your present lifestyle. It is surprising how much your outgoings would add up. You have to put essential outgoings first of course. These would include, mortgage, rent and any loan or credit card repayments you had to meet each month. You then have to pay out for gas, electric and put food on the table. After this, you then have all the other monthly outgoings to consider. All of them add up, often to a surprising amount each month. Choosing which to cut back on would be a nightmare. http://advice-and.info/Finance/83797_Income_Protection_Insurance_Could_Be_Your_Safety_Net.html Tue, 01 Apr 2008 12:09:19 GMT If you have loan, credit card or mortgage repayments to service each month then you could benefit from taking out payment protection cover. You could also benefit if you are in full time work and wish to protect your outgoings in general. Payment protection cover is a term that is used for a family of insurance policies. They include loan protection, mortgage protection and income protection. While they all do the same thing, which is to provide the policyholder with an income, they do so for different possibilities. http://advice-and.info/Finance/83583_Payment_Protection_Cover_Provides_Security_By_Way_Of_An_Income.html Sun, 30 Mar 2008 02:46:53 GMT Those who have loan or credit card debts or a mortgage with repayments to make each month should give some thought as to how they would continue to make these payments if they were to lose their income. While you may turn to savings if an illness or accident prevented you from working for a short period of time, any savings you had would soon dwindle. If you were made redundant then it could take some time to find another job and struggling to meet your monthly commitments would only add pressure to already stressful circumstances. Income protection cover taken out with a specialist provider could give you a replacement income if you lost yours, along with peace of mind. Payment protection insurance can be taken out for fixed monthly premiums, based on how old you are when applying for the cover and how much you need to cover each month. There is a limit to the amount of your income that you are able to cover and the provider will give details of this in the terms and conditions. By going with a specialist for the protection you can be sure that the policy will be a quality product. It will come with very few exclusions and cover is backdated to the first day you came out of work. Of course, the biggest advantage of getting a quote from an independent provider is the money you will save on the cost of cover. Standalone providers that only sell payment protection will not go for the huge profits that the high street lenders do. http://advice-and.info/Finance/79565_Income_Protection_Cover_Could_Provide_A_Replacement_Income.html Sun, 24 Feb 2008 07:21:39 GMT Income protection insurance can be a valuable product if you have mortgage repayments or credit card or loan repayments to meet each month. No one knows what is around the corner and if you should become unemployed or have an accident or illness then you could be left struggling. If you can get back to work very quickly then savings could get you by; however, if you should need months away from work to get back on your feet then savings would soon run dry. A far better solution that does not have to be expensive is taking out an insurance policy that covers your income. There has been much bad publicity surrounding payment protection products, of which income protection is one. However, if you stick with a specialist in protection insurances you can be sure that you will be offered a quality product. You can also make good use of the information that an independent specialist will make available on their website. But by far the biggest benefit of going with an independent provider is the low premiums that are charged for cover, which will be based on your age and the amount of your income you wish to cover. A specialist will allow you to insure up to a certain amount of your monthly income. http://advice-and.info/Finance/79564_Protect_Your_Lifestyle_With_Income_Protection_Insurance.html Wed, 27 Feb 2008 10:04:56 GMT If you were to suddenly find yourself without an income, due to losing your job or being unable to work for health reasons, your lifestyle could change drastically. If you have monthly mortgage repayments to make you would still have to continue meet the costs or risk losing your home to repossession. Loan or credit card repayments would also have to be made too, and you could struggle when it comes to finding the money needed. Income protection could give you the financial security needed each month for a small monthly premium. A protection policy would replace your lost income up to a certain amount each month. The exact sum you would receive is decided when you take out the cover. A specialist provider will offer the cheapest premiums, which will be based on how much of your income you wish to protect and how old you are when applying for the cover. Along with a quote for the protection, with an independent provider you will also be able to take advantage of the many tips and advice offered by way of articles and FAQs relating to payment protection products. Understanding what you are buying is key to making sure your cover delivers exactly what you need for your circumstances. http://advice-and.info/Finance/79563_Income_Protection_Could_Give_You_Financial_Security.html Sun, 24 Feb 2008 16:38:49 GMT