Income Protection

Don`t have a crystal ball?… Income protection insurance from Caboodle could provide the safety net you need in times of unforeseen financial difficulty

An income protection policy could provide the comfort you need if you suffer an accident or are off work sick.

If you had a money making machine would you insure it? ….. Of course you would, so make sure you insure the human money making machine that is you!

Eligibility for income protection

• This policy is available to anyone over 18 and under 65.
  (All cover ends at the normal retirement age, which means the state pension age as defined by the Department for Work and Pensions, or the date you retire from work)
• Most employed and self employed people can qualify for an income protection policy

Benefits of income protection

• Tax free monthly income until you are able to return to work or find new employment
• Most employment types covered
• Choice of deferred period available
• Benefit split for joint applications to reflect the level of income each person contributes to the household

Income protection is quick and easy to set up. For a no obligation quote complete our online enquiry form.

Understandably many customers have questions about income protection and although a Caboodle adviser will be happy to answer them for you some of the most frequently asked are detailed below:

How much cover can I take?

– The maximum amount of cover available ranges between 50-65% of monthly gross income or £3,000, whichever is the lower. The amount of cover you need and are able to qualify for can be calculated quickly by your Caboodle adviser

How much does it cost?

– The actual cost will vary from company to company and is based on individual circumstances although your adviser will search for the cheapest quote available

What is a deferred period?

– A deferred period is the amount of time that must pass between your first day off work and the point at which you will start receiving benefits from your Income Protection policy. Deferred periods help you to make the most of any employer`s benefits or sick pay before your policy becomes effective. The longer the deferred period the lower the cost, although this also means you have to wait longer to start receiving benefits from the policy if you are off work. Your adviser will discuss deferred periods with you to tailor the policy to your individual circumstances

Is there anything that is not covered?

– There may be medical exclusions on your policy which mean that some conditions will not be covered. Your adviser will let you know what these could be after they have gathered information about your medical history

Do you need to know personal details about my medical history?

– With Income Protection we need to understand about your health to make sure the cover you get is appropriate. This process is called underwriting and is the process we go through to assess the risk the provider is taking in giving you cover and to work out the cost. To gather the right information about your personal circumstances and medical history we will ask certain questions over the telephone. This process replaces the need for a medical examination and is generally a much quicker process

The process is simple, to get a free no obligation personal illustration for income protection cover either complete the short online enquiry form and a Caboodle adviser will contact you, or call us on 0800 151 2407 or 0121 308 9114.