It is important to compare different Income Protection policies. We have broken down some of the important features to look out for.
Not all forms of Income Protection insurance are the same.
When it comes to protecting your assets and your family, you want to make the best choices.
There are lots of things to weigh up, so let’s start with the basics. When it comes to choosing Income Protection Insurance, or deciding whether to keep the policy you already have, two important things to think about are:
1. How much can I afford to pay in premiums?
2. How much will I need each week to live on?
It can be tempting to go for a cheap option, and whilst lower premiums are attractive—chances are the cover may not be as comprehensive as you'd like. The result may be a shortfall in funds when you can least afford it. You could also end up with less cover than you need.
When it comes to income insurance a little bit of planning and research can go a long way.
Which Income Protection Insurance is for me?
Carefully check the terms and conditions on policies, and the way the key terms of each policy are defined. It is also important to read the policy so you know what is and isn't covered. The first things to look at when you’re comparing Income Protection Insurance, however, are the basics: