Income Protection Insurance | Monster Insurance


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Income Protection Insurance with MONSTER INSURANCE

Income Protection Insurance can be used to protect your salary should you lose it through accident, sickness or involuntary unemployment. These tax free monthly benefits can be used to pay any of your normal monthly outgoings.

Our policies are annually renewable guaranteeing no premium rate rise within a full year
Protect up to 50% of your gross monthly income to a maximum monthly benefit of £1500
Cover for Combined Accident, Sickness & Unemployment or Accident & Sickness Only
Option to transfer in from existing policy and waive exclusion period
Back to day 1 cover or flexible excess periods
Choice of 3, 6, 9 or 12 months benefit periods
Authorised and Regulated by the FSA

What is the difference between Mortgage and Income Payment Protection?

Income Payment Protection is not linked to any mortgage or loan, it is just a percentage of your monthly income therefore you can use your monthly benefit in anyway you want. It is slightly more expensive than Mortgage Protection simply because of the flexibility of being able to use it anyway that you want. Mortgage Protection is slightly cheaper but you may only cover the amount of your monthly mortgage repayments plus an additional 25% which may not allow you to protect all your other monthly outgoings.

Keeping up with the bills if you lose your income

If you lose your income most people think only of protecting their home, as they should. But Income Protection Insurance (ASU) will allow you to continue to pay all your other monthly outgoings, such as school fees, car expenses, utility bills and even pay for a holiday if you want. So its is not just your home you need to think about protecting, it is also your way of life. If you can continue to keep up repayments on your outgoings if you were to lose your income then when you find work again you are not having to pay back large debts that you incurred when you were unemployed or sick.

Don’t wait until you need Income Payment Protection – it may be too late

Many people do not think about the consequences of what will happen if they lose their income through accident, sickness or unemployment. The first time they think about it is when they are told of impending unemployment and by that time it is usually too late to get cover for that period of unemployment. All payment protection policies have some form of exclusion period that does not allow you to claim if you are aware of impending unemployment so it is important to buy the policy at the time when you don’t need it, so you can claim against it when you do.

Buying Income Payment Protection

You need to be sure that you are buying the right policy for your needs. Income Protection Insurance (ASU) is sometimes also called Income Payment Protection. This policy will only pay for a maximum number of months for each claim (variable from 3-24 depending on your choice). After the full benefit period has been covered the payments will stop until you have returned to work for a period of time before you can claim again and the benefit period starts again.

Income Protection Insurance (ASU)

An Income Protection Insurance Policy will allow you to protect your salary if you were to lose it through accident, sickness or unemployment. The Income Payment Protection policy supplied by Monster Insurance is designed to allow you to continue to pay vital household bills and other outgoings, such as school fees or car costs until you can get back to work. View the Monster Insurance site to see how good this policy can be for you and your family.

Income Payment Protection is as important as your Buildings Insurance. What would you do if you lost your income? How would you continue to pay your monthly outgoings or even buy food? If you don’t have a cushion of savings tucked away this can be a very real question. The premiums for the Monster Insurance policy can be tailored to fit you and can be the best investment you will make. If you are serious about protecting your finances you should look at an Income Payment Protection policy.

The recent upheaval in the financial sector and the ever increasing unemployment figures has pushed payment protection insurance to the forefront. People are now more concerned than ever about protecting their home and their lifestyle if they become one of the unemployment statistics. Monster Insurance recognise this and have produced an Insurance Payment Protection with variable monthly benefit periods so you can reduce the premiums to a level that suits your pocket whilst knowing that you have protected your income against the worst happening.