hile we all like to insurance you are considering
think that our jobs are buying.
safe, the truth is that
A standalone provider of
anything can happen in the income protection is the obvious
future. Being made redundant is choice when buying the cover.
just one of the problems that They will offer the terms and
could crop up along with conditions in easy to understand
suffering illness or being plain English which makes
unfortunate enough to have an deciding if you could benefit
accident. If any of these kept easy. As they do specialise in
you from earning an income then selling policies of this nature
you would struggle to maintain the provider will be able to back
your lifestyle. However income up all their products with
protection insurance could experience.
provide you with a lump sum
Income protection insurance
income each month which would be would provide you with the money
tax free. needed each month to continue
As with all the insurance living your current lifestyle if
policies, certain conditions do you did become unable to work. A
apply to all cover, so you do policy would cover suffering from
have to ensure that it meets your an illness or an accident which
circumstances before buying it. would incapacitate you or if you
Exclusions which exist in all should become unemployed through
include being in part time no fault of your own such as
employment, suffering from a redundancy. The cover would begin
pre-existing or ongoing medical after you had been incapable of
condition, being retired or working for a certain period of
self-employed. Providers can put time. With the majority of
others in so you have to read and policies this can be anytime from
compare the wording of any the 30th and up to the 90th day.
Once a policy has commenced it many more need to be made in the
would then continue to give you future and some firms sadly still
security of an income for between continue to mis-sell.
12 and 24 months depending on the
It is important to remember
provider.
that income protection insurance
The cost of the premium for as a product is not at fault. The
income protection insurance will insurance itself provides
vary and it can be quite a lot. invaluable protection – you just
This is why it is essential to need to buy it wisely.
get quotes from independent
providers for the cover. Along
that they could not claim on. align="center">
This was highlighted in 2005 when
the Office of Fair Trading received a super complaint from type="text/javascript">
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About the Author:
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income protection insurance, mortgage payment protection insurance and loan protection insurance.
Article Tags: cover, income, protection
