Protection insurance
Protection insurance is a type of cover to pay you a % of your monthly salary should you find yourself unable to work
- 0141 374 2686
- Info@knight-protection.co.uk
- 1 Redwood Crescent G74 5PA
Protection insurance is a type of cover to pay you a % of your monthly salary should you find yourself unable to work
At Knight protection we specialise in helping families from across Glasgow keep safe should they become unable to work and earn a wage, this type of insurance is call income protection and out of all the insurances we sell is the one you are statistically most likely to claim.
Most of our clients buy into the idea of having life insurance but are hesitant about protection insurance, however you are far more likely to become unwell or have an accident stopping you from working than you are to die. Be honest with yourself if you stopped earning right now, how many months could you last paying your bills 1?.. 2?…3? If this thought scares you it is time we talk.
The time each policy takes to pay out can vary, there is usually deferred period between the sickness starting and the policy paying out, generally the faster the payout the more expensive the premiums will be. By getting a free review we can run the numbers on different scenarios and you are able to decide what is best for your circumstances.
If you either change to us or take out a new policy you could get up to £250 vouchers
Knight protection are a young but fast growing insurance broker specialising in life, health protection and critical illness cover. If you are looking for protection insurance in Glasgow you will do well to find another company that cares as much about their clients as we do. We are passionate about delivering the best possible customer service possible. If you are looking for income protection glasgow get in touch for a free consultation.
Insurance is one of those things people will always moan about and resent paying however if you are ever caught without it you will regret it. Many people choose not to have phone insurance then feel sad when they smash their screen and wish they just paid for the insurance. You are far more likely to claim income protection insurance by becoming unwell or having an accident than you are to die so it would make sense that you cover yourself. Statutory sick pay in the UK is currently set at £99.35 for a maximum of 28 weeks, we always say to our clients to be honest with themselves and ask how long could you live on that. Income protection will also pay out until you are fit to return to work or you retire.
Income protection insurance typically pays a percentage of your gross monthly wage. Most policies will pay 80% of your monthly wage. There are many variables that can change how much is paid, we would suggest if you want accurate figures to get in touch and book a free review.
No income protection cover does not cover redundancy. This type of cover is made to cover medical related loss of income.
Income protection insurance will pay a tax free amount of money which is a percentage based off of your normal monthly wage. This cover will cover a variety of sicknesses and reasons for being off work. Mental health related illness is included within income protection and most providers will additionally offer support to help you back to full health.
If you are looking for income protection in Glasgow using a broker is a wise move. We are completely free to use for our customers. We earn a commission from any company you end up taking a policy from, so it makes sense to have a broker do all the leg work getting quotes and doing research for you. We work with all the main companies in insurance and will offer impartial advice based on your circumstances.
Yes, life insurance is subject to inheritance tax in the UK which can take a nasty chunk out of what you plan to leave behind. There is however a way round this inheritance tax, if you place your insurance into trust you can pick who you want to receive your estate whilst bypassing the inheritance tax.
If you are self employed you will be able to get protection insurance to cover you, however it becomes hard if you are a LTD co director as they usually take a very small salary and then dividends as it is more tax efficient however the cover is based on monthly earnings.
This is a question we get asked loads, we would prefer our clients not to think of it as an either-or decision. When planning cover we think you should be well rounded In your approach incorporating some life, some protection and some critical illness, and if you have a partner both should be covered to make sure you are protected should there be an unforeseen death or long term illness.
There is sometimes a stigma that getting income protection can be a fortune and is incredibly expensive however our team can work with you to put cover in place with even a limited budget.
Although we are based just outside of Glasgow, we have clients in Ayrshire, Lanarkshire, Edinburgh & beyond, we are happy to meet both at our office or remotely either on the phone or using Skype, zoom or whatever you feel comfortable with.
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