Frequently Asked Questions
This page includes important questions and answers that may help you better understand this type of insurance.
Apex Mortgage & Protection UK Ltd offers advice on mortgages and protection products. Our recommendations are based on your individual circumstances, needs, and objectives. Our full website can be found at https://apexmp.co.uk/
Income Protection is a type of insurance that can replace some of your monthly income if you are unable to work due to illness or injury and have continued to pay monthly premiums. Payments depend on your personal circumstances, policy terms and insurer's assessment criteria when you make a claim.
No. Income Protection is not designed to cover redundancy or unemployment. It relates only to illness or injury affecting your ability to work.
No. The amount you can apply for is subject to limits, including your income, insurer rules, and medical and underwriting assessments. This means you may not be eligible for the amount you initially select.
No. You will be contacted by an adviser after submitting your details. Any quotes or options will be discussed based on your individual needs.
No. Most policies are standard products and are not specialist or exclusive to a specific profession. Any differences will be explained by an adviser.
Income Protection does not directly cover rent or mortgage payments. However, the benefit received can be used towards these and other types of expenses.
No. Some sports, hobbies or occupations may be excluded or restricted.
Possibly. Some policies may require medical history, tests or assessments. Even if initial questions are asked, further assessment may be required.
Arranging cover can take time due to underwriting and checks, and timelines vary depending on your circumstances.
Not necessarily. Prices depend on factors such as age, income, health, occupation and policy features. Any example price is based on specific assumptions and may not apply to you.
No. Claims are assessed based on you being unable to work based on the policy terms and conditions.
The benefit period is how long you want the claim to continue. This could be for a fixed term (e.g. 2 or 5 years) or until a certain age. Longer benefit periods usually cost more. Payments only continue while you meet the policy conditions.
The deferred period is the waiting time before payments start after you stop working. Common options include 4, 8, 13 or 26 weeks. A longer deferred period typically reduces the cost. If you want cover to start before 4 weeks, it will cost more. You should know how long your sick pay or savings will last to decide the right deferred period.
This defines when you are considered unable to work and eligible to claim. It can either be based on your own occupation or whether you can do any other work, depending on the terms and conditions. You must meet this definition to receive payments. The definition can significantly affect whether a claim is paid.
Policies include exclusions, meaning some circumstances may not be covered. Pre-existing medical or health conditions may be excluded or limited. Certain activities, hobbies, occupations or medical conditions may not be covered. Full details will be discussed with your adviser when the insurer offers you a policy (called "acceptance terms").
Underwriting is how insurers assess your application and risk. Some insurers will take longer than others to assess your application. Limits may apply based on income, health, occupation and lifestyle. Insurers may decline, adjust or add terms to your cover. The final policy may differ from your initial request.
Some small and medium enterprises (SMEs) might want to start an income protection policy to help support employees if they are unable to work because of illness or injury. Benefits, eligibility, and payment terms are subject to policy conditions, limits, and exclusions. The policy is taken out and paid for by the employer.
We offer a standard Income Protection policy which can help you replace some monthly income so you can keep up with your mortgage payments. It can also cover other expenses and does not depend on you having a mortgage in place. Payments depend on your personal circumstances, policy terms and insurer's assessment criteria when you make a claim. It does not guarantee that all illnesses or injuries will be covered.
These are two different insurance policies. Life insurance pays out a lump sum if the policyholder dies during the term of the policy. Income protection is a policy that replaces some earned monthly income if the policyholder is unable to work because of illness or injury.
Personal injury claims typically arise when someone has had an accident at work or a car accident, which may result in a lump sum award. Income Protection is not the same — it can provide you with a regular income if you're unable to work due to an accident for a certain period of time.
Whether an insurer requires medical history and/or a medical assessment depends on your personal circumstances. The insurer will ask you questions, may write to your GP for a report, and may also ask you to attend a medical assessment which they pay for. The insurer will then decide whether to offer you a policy.
It is a standard Income Protection policy that can help you replace some monthly income so you can keep up with your rent payments. Payments depend on your personal circumstances, policy terms and insurer's assessment criteria when you make a claim. It does not guarantee that all illnesses or injuries will be covered.
Sick pay is usually what your employer will pay you — how long they pay it depends on your contract. We can tell you the monthly cost of Income Protection to start once you've been off for a day or slightly longer, although this cover is more expensive. When you need to make a claim, the process undergoes assessment which may impact how long it takes for you to receive payment. Ask us how this works.