Choose your income protection insurance cover very carefully
- 7TH SEPTEMBER 2007
If you want to ensure that income protection insurance cover would work for you then it is essential that you shop around for the cover and are aware of what it will and will not pay out for. Going with a standalone provider is the best way to get all the information you need for you to be able to make the choice.
If you are in full time employment then income protection insurance cover could provide you with a tax free income to replace yours if you were to come out of work due to accident, sickness or through unemployment.
A policy will cover your income up to a certain amount which would allow you to carry on paying your essential outgoings but you have to choose it carefully to ensure that you be eligible to claim against it. Income protection insurance cover bought from a standalone provider such as British Insurance will begin paying out once you have been out of work for 30 days or more and will be backdated to day one. The majority of policies will continue to provide you with an income for up to 12 months but some providers extend this to 24 months.
There are exclusions within all policies and the most common are suffering from a pre existing medical condition and coming out of work due to that as well as being retired or in part time employment.
British Insurance Managing Director, Simon Burgess, insists that in order to get the cheapest and best income protection insurance cover you have to shop around and get several quotes from specialist providers. “Buying payment protection policies from the high street lender is the worst way to purchase protection and is always the more costly” he warns.
In fact British Insurance can save you not only a lot of money but they also provide the essential information on the key facts of income protection insurance cover to ensure that you can be certain if a policy is suitable for your needs.
