QuoteLifeCover

  If one form of protection insurance helps to protect one thing in your life, combining two forms of protection insurance in one policy could be a great way to double your level of protection... right? That’s certainly the conclusion that many people reach. But it’s also important to be well-informed and clear-eyed about exactly what a combined life insurance and income protection policy would mean for you, and what level and nature of protection you could expect. With that in mind, it’s worth asking yourself the below three questions when you are considering whether combining income protection and life insurance in a single policy would be the right choice for you. What exactly does the given policy cover? We’ve addressed this in greater detail on the page of our site dedicated to combined insurance policies . But in a nutshell, a typical combined income protection and life insurance policy would pay out a monthly tax-free amount in the event of long-term illness or d...

  New statistics released by the Association of British Insurers (ABI) paint a fascinating picture of how our needs in relation to protection insurance have evolved over the last few years. The ‘headline’ finding was that a record £6.8 billion was paid out in group and individual life insurance , critical illness and income protection claims over the course of 2021 - the equivalent of £18.6 million a day, which was £1.6 million more a day than the previous record set in 2020. The ABI stated that there had been a “bumper” rise in individual protection claims, despite a fall of 1.6% in the total number of new claims made; the trade association attributed this to a greater number of individual term assurance and critical illness claims, which have much higher values. Sure enough, term assurance policies during 2021 had an average claim payment of £61,944, while for critical illness, the equivalent figure was £67,500, with these amounts being described by the ABI as “consistent ...