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Income Protection

Because you never know what's around the corner. Protect your income from accident, sickness or loss of job.

Income Protection provided by CUNA Mutual is designed to cover a proportion of your income in the event that you are off work through accident, sickness or involuntary unemployment.

  • Protect up to 50% of your gross monthly income up to £2,500 per month                                                                                                          
  • Flexible claim excess periods allowing you to choose when your benefit payments start
  • Benefit payments for up to 12 or 24 months for any one claim

What is Income Protection?

Income Protection is a type of short-term income protection product designed to cover a proportion of your income in the event that you are unable to work because of accident, sickness, or involuntary unemployment. Have you ever considered what would happen if you lost your income? How would you pay your mortgage or rent and other household bills? Income Protection provides a monthly benefit so you can cover the basics and pay for essentials, such as:

  • Mortgage or rent repayments
  • Car loans
  • Important insurance premiums
  • Utility bills
  • Food bills
  • Credit card repayments
  • Fuel costs and more...

Important things you need to know

  • This policy is not linked to any debt repayment facility
  • You should review and update your insurance cover periodically to ensure that it meets your on-going income requirements
  • If you stop paying premiums you will not get any money back and all cover ceases
  • The premium rate is reviewable by the underwriter
  • It is your responsibility to ensure that this policy is suitable to meet your needs

Therefore it is important that you review the Income Protection Policy Summary carefully so that you can make an informed decision before you apply. Full terms and conditions can be found in the Income Protection Policy Document.

Eligibility Criteria:

You are eligible for this policy if, on the start date, you:

  • are aged 18 years or over and you are under 65 years of age
  • work at least 16 hours per week and have done so for at least 6 months (not including seasonal and temporary work)
  • live in the UK

Cover Options:

 

Insurance cover

You can choose the cover you want to include on your policy.

Options:
Accident and Sickness cover
Accident, Sickness and Involuntary Unemployment cover
Involuntary Unemployment cover

Level of insurance cover

You can choose the amount of monthly benefit that
you'll be paid when you claim.

Select any amount between £100 and £2,500 as long as it is not more
than 50% of your gross monthly earnings at the time of application 

Claim excess period 

 

 

 

 

 

You can choose your preferred claim excess period. 

This is the number of days that you are out of work due
to an insured event where no benefit will be paid.

A longer period means that you will have to meet more
outgoings from your own resources before your claim
can commence, however your premium will be lower.

Options:
0 days
30 days
60 days
90 days

Where you select 0 days excess you must be out of work for at least 30
consecutive days to claim, however your benefit will be backdated to the
first day that you are out of work. The period that you select will be applied
to your chosen insurance cover options.

Maximum claim duration

You can choose the maximum number of months that we
will pay a benefit to you for a single insurance claim, If you
select a longer period you will receive claim benefits for a
longer period of time, however your premium will be higher.

Options:
12 months
24 months

Mortgage Payment Protection Insurance (MPPI) is no longer available to purchase from CUNA Mutual. Existing MPPI policyholders with CUNA Mutual will continue to be covered under existing terms and conditions. 

With our new Income Protection product you can choose to cover your mortgage payments and more.

This Income Protection Insurance is optional. There are other providers of Short-Term Income Protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit www.moneymadeclear.org.uk.

The cost of your Income Protection policy depends on the cover options chosen, for example accident, sickness and involuntary unemployment cover with a 30 day claim excess and 12 month claim payment period will cost £3.00 per £100 of monthly benefit.

Income Protection is underwritten by CUNA Mutual Insurance (Europe) Limited.

CUNA Mutual Insurance (Europe) Limited, trading as CUNA Mutual Group is regulated by the Central Bank of Ireland.  CUNA Mutual Insurance (Europe) Limited registered in Ireland No: 453785. 

Further Information

To receive a quotation please click on the link below:

Income Protection Quote

 

Alternatively if you would like to discuss your requirements, please call 

0845 1212486