Income Protection Insurance | Finance

Protect your income

Here are the top 5 tips that consumers should bear in mind when buying a policy to protect their income, according to Protection Specialists LifeSearch.

Young homebuyers happy to forgo financial protection

Despite rising interest rates, one in six (15%) young adults (under 35) in the UK would be happy to take on a mortgage of four or more times their annual wage and 30 per cent are clear they would forego financial protection insurance in favour of the largest mortgage they could borrow. This is according to new research from LV= which today urges homebuyers to think about whether they could continue to meet their mortgage repayments in the event of long-term illness or injury.

LV= improves income protection rates

LV= has announced improved income protection rates effective from 13th July 2007, with 80% of its Level premium rates reduced by an average of 10.7%, and more than two thirds (69%) of Index-linked rates cut by an average of 6.2%.

LV= makes improvements to income protection cover

LV= has announced it has enhanced its mimi income protection product features by significantly increasing maximum benefits by over 80% to £150,000 and by removing the only remaining standard exclusion across its income protection product range. This makes LV= the first provider in the intermediary market with no standard exclusions on life assurance, critical illness and income protection elements of their protection plan.

Friends Provident removes standard exclusions from Income Protection benefits

Friends Provident, the FTSE 100 life and pensions company, has removed the HIV/AIDS and war exclusions on its Individual and Executive Income Protection products, making it the first UK life assurance firm to ditch all standard exclusions on income protection benefits throughout the range.

Brits lost £31.65 billion through illness and injury

One in three Brits has taken more than a week off work through illness or injury, according to new research from Standard Life. 39% of people confirmed they had suffered a loss of earnings because of this time off work, which equates to a staggering £31.65 billion.

LV= improves its award winning income protection

LV= has announced that it is making significant improvements to its award winning income protection product range, to make the product simpler and more attractive to both financial advisers and their clients.

Friends Provident unveils tele-interviewing for income protection

Friends Provident, the income protection market leader, has linked up with MorganAsh to provide a tele-interviewing service to speed up income protection applications and reduce non-disclosure.

Standard Life boosts income protection cover

Standard Life has introduced improvements to its Income Protection Plan, increasing the maximum benefit by £25,000 and removing all plan exclusions, including pregnancy and HIV.

LV= wins Best Income Protection Provider award

LV= has won the Best Income Protection Provider award at the 2007 Investment, Life & Pensions Moneyfacts awards.

Income protection insurance essential for financial health

Income protection insurance (IPI) has an essential role to play in providing financial security, says Defaqto.

Income protection insurance needs a revolution

Provider apathy is the biggest threat to the development of the income protection insurance market and the cause for the current sales slump, leading financial research company Defaqto warns in a new report. It is urging providers to grasp opportunities for innovation and simplification.

Credit crunch may unravel family finances

Legal & General is urging families to protect their mortgage and their lifestyle with the appropriate insurance as the difficulties in the financial markets really begin to bite.

Income Protection: top 10 tips for consumers

The protection market can be very complicated to even the most experienced customer and Income Protection (IP) is one of the more complex products out there. Due to the current financial turmoil more people are becoming concerned about protecting their debts and lifestyle, so LifeSearch have put together their Top 10 tips on how to pick through all the options and choose the best policy for this important but undersold product.

Preparation is the best defence in uncertain times

As the credit crunch continues many consumers may feel there is little they can do to safeguard their home and finances. Cheshire Building Society, however, advises that preparation is the best defence. Over the past few years, the UK has enjoyed a buoyant housing market, but the market is changing and it is likely that more difficult times lie ahead. The Society, which offers a range of financial protection options, has provided tips on what consumers can do to ensure they are fully prepared for whatever the future holds.

BUPA relaunches income protection plan

BUPA’s individual income protection plan is now even more affordable and comprehensive, yet flexible enough to meet individual customer needs.

Protecting your financial needs

Nearly a quarter of people have no idea how they would cope should they lose their regular income, according to research commissioned by the ABI.

Income Protection - Nobody's child?

Income protection is the single most important financial planning need and the first consideration in any financial plan.

Surprise demands add to the burden for six in ten Brits

Almost two thirds of Britons say they have been hit by at least one unwelcome financial surprise in the past three months (63%) and household and utility bills have been the biggest shock of all according to new research from Combined Insurance.

LifeSearch: YBS protection research

Matt Morris, Policy Adviser at LifeSearch, comments on the Yorkshire Building Society's new protection research: "I think the report that Yorkshire Building Society released today - The Protection Gap: How the UK is Living on the Edge - highlights just how important financial protection is and how devastating the consequences can be if you haven't taken out a policy to safeguard your finances.

Consumers fail to protect themselves against economic downturn

New consumer research commissioned by the ABI has shown that people are pessimistic about the current and future economic climate.

Legal & General celebrates Family and Personal Income Plan

Legal & General launched its Family and Personal Income Plan (FPIP) seven years ago, and in that time over 73,000 families have been covered.

Beware of rip-off redundancy insurance

As the UK economy slips into recession, more of us are likely to lose our jobs. In September, 31,800 people claimed jobless benefit, lengthening the dole queue to almost 1.8 million. And at times like these, many of us may be tempted to insure ourselves against being made redundant.

LV= wins ‘Individual Income Protection' award

Insurance and investment group LV= has won the Individual Income Protection category at this year's COVER Excellence Awards.

Covered against the redundancy aftershock of the credit quake?

moneysupermarket.com advises consumers to consider protecting themselves against the worsening effects of the credit crunch.

Surge in demand for payment protection

News that the deteriorating economy is beginning to inflict a toll on the jobs market has seen a commensurate surge in demand for unemployment insurance protection polices, says Paymentcare.co.uk.

LifeSearch: YouGov protection research

Matt Morris, Senior Policy Adviser at LifeSearch, comments on YouGov's recent Protection research: "The research that YouGov compiled for Financial Planning Week shows how important it is to take out financial protection. YouGov found that only 15% of people surveyed would get by without any financial difficulty should their financial circumstances change for the worse due to long term illness or incapacity.

Could you get by without Protection?

Recent research by YouGov found that only 15% of people asked would get by without any financial difficulty should their financial circumstances change for the worse due to long term illness or incapacity.

UK workers pay the price for wrong protection

At a time when every penny counts, millions of people are paying over the odds for protection which may not reflect their needs, according to the latest protection study from the Post Office.

Surge in unemployment underlines case for PPI safety net

Predictions of around two million unemployed by Christmas in the wake of a deteriorating economy have further underpinned the case for protecting loan and mortgage payments, warns standalone provider Paymentcare.co.uk.

Consumers’ finances squeezed further with fuel price hikes

At a time when the Government are taking measures to help people with soaring gas and electricity bills, research from Combined Insurance outlines that Britons are still on the financial edge, struggling to make their pounds stretch further.

moneysupermarket.com: unemployment figures

Commenting on unemployment figures, Emma Walker, head of protection at moneysupermarket.com said: "With Government statistics today revealing employment levels are down by over 120,000 and redundancy levels have risen by 28,000 over the last quarter, it's no surprise some Brits may be worried about job security. It's important in such times to ensure you have safeguards in place to cover you against any unplanned unemployment.

BUPA Individual Protection ensures streamlined application process

Bupa Individual Protection has announced the launch of a new tele-interviewing service, following the success of a recent pilot scheme. This latest development is part of Bupa's on-going commitment to meeting the needs of its customers.

Be practical and protect your income now

Now may not seem to be the best time to go out and invest in yet another insurance policy.

5 top consumer tips on Unemployment Cover

Unemployment Cover has become increasingly popular in these uncertain economic times for people who want to protect themselves against redundancy. However, it is not a product that many people are familiar with, which is why ASDA Life has come up with a quick guide for consumers to help them understand what to look out for when buying this type of policy.

UK safety net reality check

Low awareness of benefit entitlements coupled with a lack of planning is leaving people in the UK open to financial crisis if they lost their job, according to research from the Post Office.

LV= and Standard Life announce protection partnership

Leading protection provider LV= has announced a major new partnership with Standard Life, effective from 1st December 2008.

Consumer confusion about new Welfare Reform Act

A new report by protection specialist LV= has revealed that 17.5 million UK adults in full time employment are unaware of the changes that the Welfare Reform Act has brought about, just one week after new legislation replaced Incapacity Benefit with Employment and Support Allowance (ESA).

moneysupermarket.com: Latest unemployment statistics

Commenting on new unemployment statistics released today Emma Walker, head of protection at moneysupermarket.com, said: "The economic downturn still rides high and job cuts are being revealed on a daily basis; the rise in unemployment has hit almost two million, or six per cent, and is very worrying indeed. It's a week before Christmas and these figures will really hit home for those feeling insecure about their job. We're all battening down the hatches when it comes to our finances but as redundancy and unemployment levels continue to rise, all the signs are pointing to what could be a grim New Year.

Job loss would spell financial disaster for one in three

Nearly a third of adults would face financial disaster within two months if they lost their jobs, according to research for MoneyExpert.com.

Singles are financially exposed

With financial news dominating the front pages and access to financial information much more freely available, arguably financial awareness in the UK should be at a record high. However, new research from UK Life insurer Zurich reveals that one group of people in particular, the singletons, are potentially leaving themselves financially exposed.

Brits not prepared financially for loss of income this Christmas

With the news that stressed out Britons are being forced to work extra hours and take on a second job in order to fund their households and families this Christmas, research from Combined Insurance has found that more than a third of Britons (34%) would face financial ruin after just twelve days should they suffer a sudden loss of income.

Mortgage holiday scheme welcome but doesn't replace insurance

The Government's mortgage holiday scheme to rescue struggling homeowners is a great helping hand but should not be seen as a replacement for insurance, warns James Harrrison, chief executive of insurancewide.com.

Critical illness cover and payment protection could prove crucial

With household debts and unemployment at a high, moneysupermarket.com urges consumers to safeguard their finances and improve awareness of life insurance policies such as income protection and Critical Illness Cover (CIC).

PPI unemployment claims soar by 118%

New data from the ABI shows that unemployment claims on Payment Protection Insurance (PPI) rose to 19,105 in November 2008, up from 8,772 in November 2007 - an increase of 118%.

moneysupermarket.com: Unemployment figures

Commenting on unemployment statistics released today, Emma Walker, head of protection at moneysupermarket.com, said: "These figures are just the tip of the iceberg; they reveal unemployment levels hit almost two million (1.92 million) by the end of November last year, yet Brits have been bombarded with news of jobs cuts and redundancies on a daily basis since then. What made for sombre news before Christmas looks, unfortunately, set to continue this New Year. Most worrying perhaps is the rising pace of unemployment levels - according to today's news, unemployment rose by 131,000 between September and November last year, the highest total for over a decade.

LV= Mortgage & Lifestyle Protection special offer

Special offer for all customers who switch their existing unemployment cover to LV='s Mortgage & Lifestyle Protection product before 31st March 2009.

Brits continue to neglect protection needs

As the cost of living continues to increase and economic instability remains, it seems that Brits are still reluctant to protect themselves against a potential loss of income by addressing their protection needs.

Singles are financially exposed

With financial news dominating the front pages and access to financial information much more freely available, arguably financial awareness in the UK should be at a record high. However, new research from UK Life insurer Zurich reveals that one group of people in particular, the singletons, are potentially leaving themselves financially exposed.

Shop around for protection products, says Defaqto

Today's shocking unemployment figures show the continuing need for protection, says Defaqto.

moneysupermarket.com: Unemployment statistics

Commenting on unemployment statistics released today, Clare Francis, site editor at moneysupermarket.com, said: "Breaking through the two million barrier, today's unemployment stats will no doubt heighten fears among the British working population. News of job cuts and redundancies have been a daily occurrence and looks set to continue into the year, with predictions it could reach up to 3.2 million by the middle of next year.

Bupa Individual Protection reports surge in new business

Bupa Individual Protection saw a 38 percent increase in new business annual premiums during 2008, building on the 25 percent growth achieved the year before.

Protect your income during the credit crunch

With UK unemployment at the highest level since 19971, consumers are more worried than ever about the risk of redundancy. With fears the situation will worsen over the coming months, price comparison site comparethemarket.com has launched a new payment protection service comparison, allowing consumers to search for the best deals for protecting their income and mortgage or loan payments should the worst happen.

LV= gives free critical illness cover to new Income Protection customers

Protection specialist LV= is offering free critical illness (CI) cover to anyone taking out an income protection (IP) policy under the LV= Flexible Protection Plan within the next three months. New customers will receive a free lump sum CI benefit equivalent to three times their monthly IP benefit.

LV= extends free Critical Illness for new Income Protection customers

Protection specialist LV= has extended its free critical illness (CI) cover offer to the end of 2009. All new customers taking out an income protection (IP) policy under the LV= Flexible Protection Plan by 31 December 2009 will receive free lump sum CI cover equivalent to three times their monthly income protection benefit.

AEGON pays 93% of income protection claims in 2008

AEGON Scottish Equitable is today publishing its income protection claims stats, following last weeks announcement that it paid out on 91% of critical illness claims in 2008.