Types of income protection policy

The insurance industry can confuse customers and itself with the titles it gives to types of policy within the wider definition of Income Protection Insurance. The narrow definition of Income Protection Insurance only applies to products, which pay you an income if you become unable to work due to sickness or injury.

 

We are following consumer logic by including within Income Protection Insurance, other products which the industry calls Mortgage Payment Protection Insurance, Payment Protection Insurance, and International Income Protection. To add to the confusion, other commonly used names for income protection are; Permanent Health Insurance (PHI)-which was used in days before the Income Protection name was used, Income Replacement Insurance, or Long Term Disability Insurance

 

Policies to protect mortgages, loans or credit card debts are frequently called Accident Sickness Unemployment (ASU) policies.

 

Insurers themselves often confuse it further by using product names like " Protection " which can include income protection, critical illness, life and other products.

 

We will guide you through the maze.

 

The insurance industry has realised that the confusion is turning people away from income protection insurance. So it has set up the Income Protection Task Force to seek solutions. Early suggestions include some standardisation of non-competing elements to help compare products, and even yet another name change. 

 

 

For online quotes and costs on UK income protection insurance, use one of our Featured Providers, or for or enquiries about income protection insurance, complete our enquiry form.

Our featured providers enable you to compare prices for a variety of income protection insurance plans available in the UK. Find out about the plans on offer and get a quote online or over the telephone.

View the featured providers....

---