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Alliance & Leicester handed £7m fine

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Income protection insurance

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Income Protection Insurance

Income protection insurance is a financial product that, in return for a regular payment, will cover a policyholder's financial commitments if they are prevented from earning.

Income protection insurance pays out a lump sum portion of a policyholder's income, typically about half, if they are unable to work due to an illness or accident.

It covers more illnesses and can pay out more money than the more popular critical illness and payment protection insurance policies.

Mental illness and musculoskeletal conditions, for example, are covered by income protection insurance but not critical illness cover.

Payment protection offered to tenants
British Insurance has launched a payment protection policy specifically for people who rent properties.More...

Demand for unemployment insurance up
The financial crisis has led to a surge in demand for unemployment insurance protection policies, an insurer has found.More...

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LV= improves income protection insurance

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