Income Protection Insurance in Flintshire
Safeguard Your Income, Protect Your Peace of Mind
At Chesterton Grant Mortgages, we understand the importance of financial security. Life can be unpredictable, but with tailored Income Protection Insurance, Flintshire residents can maintain financial stability if illness or injury prevents them from working. Whether you are employed, self-employed, or a business owner, our policies are designed to meet your specific needs, ensuring you and your family are protected.
What Is Income Protection Insurance?
Income Protection Insurance pays out a regular, tax-free income if you are unable to work due to illness, injury, or disability. It ensures financial support for a specified period or until you recover, providing a reliable safety net during challenging times.
Why Choose Income Protection Insurance in Flintshire with Chesterton Grant?
Flintshire is home to diverse industries such as manufacturing, agriculture, and professional services. Many workers in these sectors lack comprehensive employer benefits. Chesterton Grant Mortgages offers local expertise and personalised advice to help you select a policy tailored to your unique circumstances.
Key Benefits of Choosing Chesterton Grant:
- Tailored advice for Flintshire residents.
- Access to flexible and competitive policies.
- Personalised service from experienced advisers.
- Transparent recommendations based on your needs.
How Does Income Protection Work?
- Coverage: Replaces up to 60–70% of your gross income.
- Waiting Period: Payments begin after a pre-agreed waiting period (e.g., 4, 13, or 26 weeks).
- Duration: Income is paid until you recover, retire, or reach the policy’s time limit.
- Tax-Free: Benefits are tax-free for individual policyholders.
Other Financial Protection Services in Flintshire
At Chesterton Grant, we provide a range of financial protection services, including:
Critical Illness Cover
A lump sum payment upon diagnosis of a specified critical illness such as cancer or a heart attack. This payment can cover medical bills, living costs, or home modifications.
Life Insurance
Provides financial security for your loved ones in the event of your death. Choose from term assurance for fixed-term coverage or whole-of-life insurance for lifetime protection.
Government Data on Income Protection in the UK
- According to the Association of British Insurers (ABI), only 1 in 10 UK employees has Income Protection Insurance, despite its critical role in financial planning.
- The average UK Statutory Sick Pay (SSP) is £109.40 per week, which is often insufficient for most households (Gov.uk).
These figures highlight the importance of securing robust private coverage, especially in regions like Flintshire with varying employment types.
| Feature | Statutory Sick Pay (SSP) | Income Protection |
|---|---|---|
| Amount | £109.40 per week (Gov.uk) | Up to 70% of gross income |
| Duration | Up to 28 weeks | Until recovery or policy end date |
| Flexibility of Use | Limited | Full freedom over expenditure |
| Tax Implications | Taxable | Tax-free |
Life Protection - Life Insurance Advisor Flintshire
The most well-known type of insurance is life insurance, which provides financial support to your dependants if you pass away. It can pay out either a lump sum or a regular income, ensuring your loved ones are financially secure.
The most affordable option is a term assurance policy, where you choose how long the cover lasts. This could be until your children become financially independent or to match the term of your mortgage, ensuring it is fully paid off.
Another option is whole of life insurance, which has no fixed end date. This policy remains in place until you pass away, making it ideal for covering expenses such as funeral costs.
Your adviser can help you determine which type of life insurance best suits your needs and those of your family.
Frequently Asked Questions About Income Protection - FAQs
What illnesses or injuries are covered by Income Protection Insurance?
Income Protection Insurance in Flintshire covers a wide range of conditions, including:
Long-term illnesses, such as cancer or heart disease, that prevent you from working.
Serious injuries, like fractures or spinal injuries, caused by accidents.
Mental health conditions, including anxiety or depression, provided they prevent you from working and meet the policy terms.
Policies may exclude pre-existing conditions or specific circumstances. Our advisers at Chesterton Grant will help you understand and select a policy that suits your needs.
How much does Income Protection Insurance cost in Flintshire?
The cost of Income Protection Insurance in Flintshire depends on:
Age and health: Younger, healthier individuals pay lower premiums.
Occupation: High-risk jobs, such as manufacturing or agriculture, may attract higher premiums.
Policy features: Options such as shorter waiting periods or extended benefit durations can increase premiums.
Example: A 35-year-old office worker in Flintshire earning £30,000 annually might expect to pay £20–£30 per month for basic cover. A similar person in a more physically demanding role may pay higher premiums.
What happens if I return to work part-time while receiving Income Protection?
Many policies offer a proportional benefit, meaning you can still receive partial payments if you return to work on reduced hours or a lower income. For example, if you previously earned £2,000 per month and now earn £800, your insurer might cover part of the remaining gap.
This feature supports a smooth transition back to full-time work.
Is Income Protection worth it for self-employed individuals in Flintshire?
Yes, absolutely. Self-employed individuals in Flintshire, who do not receive sick pay or employer benefits, benefit greatly from Income Protection Insurance. This policy ensures a steady income during recovery, safeguarding personal and business finances.
Can I get Income Protection if I have pre-existing conditions?
Yes, although policies may exclude the specific condition, or you may face higher premiums. Our team can help you find a policy tailored to your unique circumstances, even if you have pre-existing conditions.
At Chesterton Grant, we work with multiple providers to help you find a policy that balances affordability with adequate coverage. Our advisers will guide you through the process and help you understand the terms of your policy.
Disclaimer:
The information provided on this page is for
general guidance only. Actual policy terms, conditions, and costs will depend on your individual circumstances. For personalised advice on critical illness, life insurance, or income protection , please contact our experienced advisors.