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About Accident Protection Insurance

Becoming unemployed can cause many problems, not least the fact that there simply may not be any money to pay the bills, or buy essentials like children's shoes, food and petrol. Most people will agree that their home is their most important material possession, yet if mortgage payments cannot be made, the security of a home can be taken away.

You can buy cover to protect your mortgage payments, although you do not have to have a mortgage to take out an Income Protection policy. You can cover your rent payments and other household bills. You can buy cover to protect your income if you have an accident or become ill and cannot work, if you become unemployed, or to provide full cover for accidents, sickness and unemployment.

Don't rely on state help to cover your mortgage payments if you cannot work. There is no help for the first nine months of unemployment or disability for mortgages taken since October 1995. Existing borrowers only qualify for benefit if they qualify for Income Support. Before April 1995, you could qualify for long-term sickness benefit if you were rendered incapable, by illness or disability, of doing your own job of work. Now the rules state that you will only qualify for long-term sickness benefit if you cannot do any job of work, in other words, only if you are completely incapacitated. This means that, to all intents and purposes, there is currently no long-term sickness benefit in the UK.

Accident Protection - Changing Traditions

Traditionally, the man of the house was not only the main breadwinner but handled the family finances. Now, though, with more women living on their own for longer or earning as much as their partner, they are taking greater responsibility for money matters. They haven't caught up in all areas! A new report shows women are three times less likely than men to have income protection.

The disparity matters. Statistics show that women who do have income protection and critical illness cover are more likely to make claims than men. In 2000, women accounted for 55 per cent of all claims resulting from cancer, and 65 per cent of those from multiple sclerosis. Half of all the female claims were from women under 40. Obviously, there is a strong case for women insuring themselves, but what type of policy do you need? Income protection covers you in the event of being unable to work due to sickness or injury. This includes mental illnesses, stress and bad backs. It is also known as permanent health insurance (PHI) and pays out a tax-free monthly income.

The aim of income protection is to ensure you can continue to meet your monthly outgoings should you be prevented from working. You can lower the premiums by reducing the amount of cover or by setting up a deferral period so that payments will only kick in after, say, six months. They will then continue for as long as you are unable to work. One misconception with income protection is that you have to be in work to qualify. So, if you're a housewife you can get the cover. Insurers tend to assume a salary of £15,000 to £20,000 a year. Cover is just as important for those who stay at home because should illness or injury strike, extra costs may be incurred for childcare or cleaning. For women who buy protection and then take a career break to have children, some policies give the option of reducing the level of cover so your premiums will be less.

Income protection - Overview

Income protection insurance pays you a monthly amount if you are unable to work because of illness or disability. It goes on paying until you get better and return to work, or you die or reach the policy termination age, usually your expected retirement age. Insurers limit the proportion of your salary you can claim, and while it tends to be about 60 to 65 per cent, the figure varies, some insurers will only cover 50 per cent of your income!

Some income protection policies use a with-profits or unit linked investment base, either as a technical mechanism to keep premiums low, or to give a cash return on retirement.

The terms and conditions of policies vary, so make sure you understand the scope of the cover being offered before committing yourself.