Life Insurance Blog

Take a look at this situation: An employed person gets ill and is unable to work until he has reached full recovery.  While recovering, there are bills to pay and necessities as well.  Unable to work, he and his family suffer from a tremendous financial crisis.  Here is another situation:  An employed person acquires a disability from an accident and is deemed not fit to work anymore.  The family struggles to make ends meet while paying for the medical expenses of the disabled member of the family.  These situations are scary if you think about it.  This is why it is necessary to have a Plan B just in case time comes when the breadwinner of the family is unable to work anymore or for a certain period of time.  Fortunately, Income protection insurance UK is available nowadays.  This provides Income protection cover unemployment caused by illnesses or disability.  In a situation where the insurance holder is unable to earn money for a certain period of time, the insurance would provide a lump sum amount that can be used while the insurance holder is still unable to generate any income.  The insurance also provides a lump sum amount to a disabled person who is no longer able to work until that person reaches his chosen retirement age which usually falls between 50 to 70 years old.  This type of insurance is only available to people who are employed.  Redundancy is not covered by the income protection insurance.  It would pay 50% up to 65% of your gross monthly income unless you re being provided with sick pay by your employer.  If this is the case, the insurance holder would be unable to claim their insurance.  You can go online to look for insurance websites that offer free income protection quote tools for you to get an idea.