Income protection insurance for unemployment while I own a limited company

I am looking for income protection insurance but I’ve noticed that these policies only cover accident and sickness, is it possible to include unemployment insurance as well?

Question asked by Shahram Shirazi
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Answered by Andrew Jenkinson

The difference between the different products

When looking for a policy that covers accident, sickness and unemployment it is important to be careful as most of these plans will be payment protection (PPI).

Avoiding payment protection

Income protection (formally permanent health insurance) is a very traditional policy that typically only covers the risk of illness or injury. It is a very solid policy where it is possible to gain ‘own occupation’ protection (where you are actually covered in your current job), which is often not the case with payment protection insurance (many plans use a ‘suited occupation’ incapacity definition).

For more information please navigate to: Income Protection vs PPI

Adding unemployment cover

If you would also like protection against the risk of redundancy you have two main options:

Option one – You could take out a traditional income protection policy and then a separate payment protection plan just covering unemployment. Although you would have two plans it would allow you to get the best income protection plan for you whilst still obtaining redundancy insurance.

Option two – There are a very limited number of income protection policies that combine illness and injury cover with unemployment protection. For example, LV’s Mortgage & Lifestyle Protection plan is the only plan available in the market currently that allows you to gain guaranteed / fixed premiums for redundancy cover (please contact us for a quote).

income protection
 
unemployment
 
payment protection
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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