Best Income Protection Insurance

Free Instant Redundancy Insurance Quote

A trading style of Platinum Financial Consulting
AUTHORISED & REGULATED BY THE FINANCIAL CONDUCT AUTHORITY
Income Protection Menu Left
Income Protection Home Page Quotes and Information on Income Protection Insurance Mortgage Protection Insurance and Quotes Insure yourself against Redundancy Cover with only a 60 day exclusion period
redundancy insurance menu right
 
Iunemployment Insurance Content Top
 

Income Protection
Insurance against Redundancy

We understand that many people prefer having somebody to talk to about the features they want from a policy.

We also understand that they may be concerned that they will be pressurised to buy a policy. We promise to give you the information you need without any obligation to buy.

We have built up an excellent reputation with our customers in providing income protection policies via the internet. Over 80% of our customers score us 10 out of 10 on living up to our claim of offering a "good old fashioned service via the internet".

Call us now and experience that service for yourself.

As an independent company we continually review the policies we offer via our website. It is important to us that the policies do what they say they do, and that the insurer is focused on offering excellent customer service. We have stopped selling policies of companies who fall below this standard.

The full policy wording will be available to you before you complete your purchase. We will also send you a copy.

To understand the common features of our policy please see below.

Redundancy Insurance 30 Day Guarantee
If within 30 days of buying your policy you decide it isn't appropriate to your needs or you simply change your mind, then any premium taken (if any) will be refunded.
Our selected Policy has the following benefits and Features

Maximum Cover £3,000

Can Protect Up to 65% of your Gross Income

Unemployment Only Cover Available

Back to Day One cover

You can spend the benefit as you want

60 Day Exclusion Period

Cheaper premiums available for 30 and 60 day excess periods

 
 
Income Protection secure window
   
redundancy insurance divider

The KeyFeatures Document explains the core conditions of our policy in simple language. Download your copy below

POLICY KEY-FEATURES

   

Make sure you are eligible to claim on our policy

Our eligibility and disclosures document explains in clear language who can buy a policy and your other rights under the policy

ELIGIBILITY & DECLARATIONS

   

Platinum Financial Consulting is a fully independent financial services company, authorised and regulated by the Financial Conduct Authority (number 227014) to sell general insurance products.

We offer products from a range of insurers. Unlike many of our competitors we are not compelled to sell the policies of any one company; nor do we try to include every policy in the hope that you will select one. We select what we consider to be a good all round policy, using both quality and price criteria, and feel that the terms and conditions of our policies are among the best in the industry. Some of our policies are not available directly to the general public, and we have refused to sell policies that we feel do not offer customers adequate protection.

Please note: Our recommended policies are not based upon individual appropriateness, but rather we feel that their features versus their cost currently make them the best value for money policy in each category from all those available to us. Your policy is purchased as a non-advised transaction. We strongly advise you to read the full policy wording, which you can download from this site. The policy wording is the document you will rely upon in the event of a claim.

 


Accident and Sickness & Unemployment Insurance - The Simple Stuff


This section aims to give you a good understanding of how most Income Protection and Accident Sickness and Unemployment policies work. These policies are ideal for protecting yourself against redundancy.

While all policies will have their own terms and conditions, there are some generic conditions that most accident, sickness and unemployment policies adhere to. This section aims to give you a simple overview, however there is more detail in the "Comprehensive Information" section below. Please ensure you read the appropriate policy document for your specific policy which will presented to you via our quote system above.

An accident, sickness and unemployment policy will have the following features :


Feature Example
   
The Insured Person You
An Insurable Event Redundancy
Sum Assured £500 per month
Monthly Premium £25
Qualifying Period 30 days
Payment Term 12 Months
Voluntary Excess Period Back to day one
Exclusion Period 60 Days



In this example, as long as you continue to pay the monthly premium (£25), you will become eligible to claim after the exclusion period (60 days) has expired. The exclusion period runs from the first day you bought your policy for the number of days specified (60). The exclusion period normally only covers unemployment. This means that should you lose your job (or discover you will lose your job) during the exclusion period you will not be able to claim.

Using the example data above; if you purchased the policy on 1st January then you become eligible to claim for unemployment on 2nd March. If you become aware that you are going to lose your job during the exclusion period the policy will not pay out.

Please remember the exclusion period does not normally affect claims for accident and sickness.

Once the exclusion period has expired then if the insurable event occurs (i.e. you are made redundant) and the insurable event continues until the end of the qualifying period (i.e. you are unemployed for 30 days) then you will be eligible to claim. Once the policy has started to pay, it will continue to pay the sum assured (£500pm) for the payment term of the policy (12 months). The policy will stop paying you if you are able to go back to work, or the payment term expires.

All policies have a qualifying or waiting period which means that you need to be registered as unemployed for 30 days in order to make a claim. Each policy will also have a voluntary excess period, which is the length of time that you chose to wait before the policy starts to pay out. So for example, with Back to Day One cover, you only need to be unemployed for the qualifying period (30 days) before the policy will start to pay out, and will pay you back to the first day of the claim. If you choose a 60 day excess (sometimes called a deferment period), you will need to be still without work after the qualifying period plus the excess (i.e. 90 days) before the policy will start to pay, and it will then pay you back to day 60 of your claim.

These policies are ideal for protecting all types of mortgage and/or your income against unemployment resulting from redundancy, or against accident and sickness. Policies can be issued on an individual or joint basis. Not all insurers offer joint policies. In our experience the premium is the same whether you by one joint policy or two individual policies.

These policies do not normally require any medical underwriting, although pre-existing conditions may be excluded.

Before 2009, most policies had no pre-defined term or renewal period. This meant that as long as you continued to pay your monthly premiums, and you met the insurer's eligibility criteria, then the policy would remain in force. Since 2009 some providers have added a renewal date to the policy, if your policy has a specified renewal date, the insurer does have the right not to offer a renewal.

Most policies also have conditions written into them that allow the insurers to alter the policy terms by giving you notice.

Terms and conditions mentioned above are common with all insurance policies of this type.

These policies do not pay out a lump sum. This means that if you have taken out a policy to protect your mortgage it will not pay off your entire mortgage debt if you were to die or suffer a critical illness.

The insurer will normally put a level on the maximum amount a policy will pay out each month. The maximum level that you will eligible for under the policy is usually determined by both your mortgage payment and a percentage of your gross annual income. You will therefore need to prove your income in the event of a claim. If you purchase a mortgage payment protection policy you will need to prove both your income and your monthly mortgage payments.

That’s the simple stuff.... for those of you who like more information, then there is a whole lot more detail below, as well as more details on some of our featured policies. Our quote systems are set up to offer you the cheapest policy which meets your requirements and eligibility. The policy wording relating to the policy we offer will be available via the quote system and will be sent to you electronically.

 

 

Redundancy Protection - Comprehensive Information


We are not obliged to sell the policy of any particular company. We constantly review the policies we offer and can change them at any time.

We offer a 12 Month Income Protection Policy - Below are the Core Conditions

Our policy can be used to provide money to pay your domestic bills, loans, - in fact anything you want, should you lose your job due to involuntary redundancy.

You can insure yourself for up to £3,000 or 65% of your gross earnings, whichever is the lower, but the total amount insured must not exceed 125% of your regualr outlay.

In the event of a claim you would only need to prove your income and any regular outlay. The insurer will allow you to prove your outlay at the start of the policy which will make submitting a claim much easier as you will not need to go through lots of admin to prove your claim and can get on with taking the necessary action to get yourself back into work.

This policy allows you to insure yourself against unemployment only, or accident and sickness only, or accident sickness and unemployment.

The payment term is 12 months. This means that in the event of a claim, the policy will continue to pay you a monthly amount until you either go back to work, get better, or the payment term ends.

The qualifying or waiting period is 30 days. This means that you must be registered as unemployed, or signed off work sick by a doctor, for 30 days in order to make a claim. This is usual for these types of policies.

The policy has a 60 day exclusion period for unemployment claims. This means that you cannot make a claim for unemployment in the first 60 days of holding the policy; this is standard practice as it stops people buying a policy one week and claiming the next.

However the insurer will waive this exclusion period if you are transferring cover from another insurer. If you are transferring cover, you will need to provide us with a copy of your existing insurance certificate in order to waive the exclusion period.

There is no exclusion period for accident and sickness claims, although pre-existing conditions may be excluded.

Our promise is to always offer you the most appropriate cover at the cheapest price.

 

An Income Protection plan will give you peace of mind in the knowledge that your regular payments will be covered if you cannot work due to accident or sickness or if you are made redundant.

There is a 1 in 7 chance of a working adult being off work for more than 6 months due to illness or injury.*

More than 2 million people have been off work and claiming benefits for a period of 6 months or more.*

You are three times more likely to be off work for more than 3 months due to illness or injury than to die before age 65.*

* Source - Department for Work & Pensions (DWP), 2004

Redundancy Protection & ASU

There is a great deal of confusion about Income Protection Insurance (MPPI) and Accident, Sickness & Unemployment Insurance (ASU). They are effectively the same thing. An income protection policy is set up to provide you with a monthly income should you be unable to work.

Where a policy is specifically taken out to protect a mortgage the benefit typically must relate directly to your mortgage costs, although some policies will allow a small additional benefit to be paid if required. The vast majority of policies that will protect your mortgage are also linked to your income.

Our selected policy has no specific mortgage link, this makes it very flexible in how you choose to use it.

It is important to decide what eventualities you want to cover. Many self employed people would instantly lose their income if they were unable to work due to accident or injury, therefore they would seek to cover these eventualities. They may not however necessarily want to include unemployment cover as it may be difficult for them to prove in the event of a claim.

People in regular employment may not be as concerned about covering accident and sickness, if they feel their employer will pay them, but they may be concerned about redundancy and their chances of finding work elsewhere. In this case they may only want a policy that covers unemployment.

For the vast majority of people, both unemployment and the impact of long term sickness or injury are of sufficient concern to make them to decide upon a policy that covers all eventualities.

A policy taken out to protect income normally allows you to insure a percentage of your gross income. It is not possible to protect all of your income, as the insurer wants you to be incentivised to return to work.

These policies were traditionally available upon application without the need for underwriting or medical examination. While many policies of this nature still exist there is a move to introduce policies which are underwritten at the time you buy your policy. In our opinion policies of this nature can be better for the customer as the insurer has less reason to reject a claim.

There are certain criteria that would not be covered in the event of a claim, and these are covered in detail in the policy wording for your specific policy. For example, you will not be successful in your claim for unemployment if you knew you were to become unemployed, or if the insurer considers that it was reasonable that you knew it was likely to happen, or if the unemployment is in any way voluntary.

Income Protection Policies (IP or PHI) - Long Term Health Linked Policies

Income Protection (ASU) policies should not be confused with Permanent Health Insurance (PHI) which pays out against accident and sickness only. PHI policies are linked to your earnings and typically have a term until retirement age. These are fully assessed insurance policies and medical underwriting will be required.

The main differences between Permanent Health Insurance Policies and Accident, Sickness and Unemployment policies are:

  • ASU policies will only pay for a short term period, typically 12 months
  • PHI could pay out for many years, possibly until retirement age
  • PHI does not cover unemployment or redundancy
  • PHI requires full underwriting
  • PHI is based upon your income and not your mortgage

Why We Choose these policies?

As an independent finance company, Platinum Financial Consulting is not committed to sell the policies of any one company. We focus on offering an excellent service to our customers and work with insurers who share our values. We believe this is why over 80% of our customers give us a 10 out of 10 score for offering a "good old fashioned service via the internet".

We try to identify the best policy in each individual sector. We evaluate the policy available on a number of criteria such as the terms and conditions offered, the claims payment history of the company, the financial strength of the company providing the insurance and perhaps most importantly the premium.

Although we have many more policies available to us, the ones that we have selected are currently the policies which we consider to amongst the leading policies in their category. We can however stop selling a policy if a better policy becomes available, or the service offered by the company is not of a standard that we would accept for our customers.

Many of the companies who offer this insurance on-line are either selling their own policy, or trying to offer everything in the hope that you will buy something from them. We build a personal relationship with both our customers and the insurance companies who provide these policies. This means that we can ensure our customers are always receiving the best service available.

Our independence means that we can reject those policies that we feel do not offer both quality or competitive premium. We have removed products from our website which we feel are not in the best interests of our clients. Hitachi Capital cancelled the policies of many customers for no good reason whatsoever and, we believed, tried to impose an unfair contract condition on customers. Our view was upheld by the Financial Ombudsman. What was even more worrying was that Hitachi Capital refused to co-operate with the Financial Ombudsman, something they had a regulatory requirement to do. Fortunately for our customers we took the decision to stop selling Hitachi's products several years earlier. Nevertheless we would never sell Hitachi Capital products again as they showed a complete disregard for customers and the regulator.

Should we change an insurance provider, we will assess the new policy against those held by existing policy holders and where appropriate we will offer our customers the alternative policy.

Overlapping Policies

If you are buying your policy to replace an existing policy that is still in force, then the exclusion period when a claim could not be made is normally waived. This means you could take advantage of any additional benefits and a cheaper price without any loss of cover. We cannot guarantee this until speaking with the underwriter, so if this is important to you please declare it at the point of application.

Details of the existing policy would need to be provided to us as soon as possible.

This Policy Will Never Pay Out If:

You cease to be resident in the UK
or
if your disability or unemployment results from:
civil unrest, terrorism, radiation and radioactive contamination from nuclear waste or any related event or earthquake;
HIV or any HIV-related illness including AIDS;
or taking alcohol or drugs, unless under the advice or supervision of a doctor.

For full policy terms and conditions it is important that you read the policy wording appropriate to your specific policy.


 

Frequently Asked Questions (FAQ's)

 

 

Can I pay off my mortgage while I’m claiming for redundancy?

It is a condition of mortgage linked policies that once a mortgage debt no longer exists the cover must cease. It is an eligibility condition for mortgage linked policies that a mortgage liability must be in place. Our policy is not directly linked to your mortgage therefore if you want you could repay your mortgage and keep the policy going.

Whilst the idea of using a redundancy payment to pay off your mortgage might sound attractive, you do need to consider that you might be out of work for a long period of time, and having access to a lump sum may be preferable to any savings made against mortgage payments. We would recommend you take independent financial advice in such circumstances.

 
These notes are intended as a guide only. They should not be considered as specific advice.

Upon application we will confirm you have supplied all necessary information, and inform you of the terms and conditions of the selected provider, before the policy comes into force.

If you think these notes are incomplete or misleading in any way, please contact us immediately

 
 
Unemployment Insurance Content End
 
Income Protection from Platinum Financial
   
 

Best Income Protection is a trading style of
Platinum Financial Consulting
The Old School House, East End Road
Bradwell-on-Sea, Essex, CM0 7PY
 
 

 

Telephone : 020 33 55 4834           Fax : 0871 277 1422           Email : info@platinumifa.co.uk

AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY

Copyright © 2006 & 2017 Platinum Financial Consulting

FCA Registration Number : 227014

 
 

Income Protection Specialists

 
Income Protection Compliance Panel