Payment Protection Insurance / Short Term Income Protection Insurance

Payment Protection Insurance / Short Term Income Protection Insurance

The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

Payment Protection Insurance and Short Term Income Protection Insurance can provide a monthly income to help cover your regular outgoings if you can’t work due to an accident, illness/injury or, often as an optional extra, unemployment.

There are important differences between these products and long-term Income Protection Insurance. They include a limit on how long the replacement income will be paid for – usually between 12 and 24 months. By contrast, Income Protection Insurance will pay out for as long as you are unable to work (up to the policy expiry) or ceases on death.

Unemployment cover is often an optional extra on these policies or can be purchased as standalone cover.

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This article (Payment Protection Insurance and Short Term Income Protection Insurance) is intended to provide a general appreciation of the topic and it is not advice.

For more information please contact Rodway Financial Services Ltd on 07557 306356 or email sarah@rodwayfs.co.uk and we will be happy to assist you.

Article expiry: 06 Apr 2024

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