Income protection insurance cover can give you a replacement income
- 4TH OCTOBER 2007
If you were to lose your income due to becoming unable to work through having an accident, suffering from sickness or from unemployment such as redundancy then you could be left struggling to find the money to pay your essential outgoings. Providing that a policy would be suitable for your needs then income protection insurance cover can give you a replacement income to ensure that you can continue to live your life without too much interference.
Income protection insurance cover would kick in after you had been out of work for a defined period of time which varies from provider to provider but can be anywhere between the 31st day and the 90th day of being out of work. It would then carry on giving you an income up to a certain amount of your own for up to 12 months and with some providers for up to 24 months, which gives financial security and peace of mind.
However income protection insurance cover isn’t suitable for all circumstances and you do have to make sure that it would be suitable for yours. There are exclusions in a policy and the most common include only being in part time work, suffering from a pre-existing medical condition at the time of taking out the policy, being retired or self-employed. The good news is that if you go with a standalone provider for the cover then they will make sure that you get the advice and information you need to ensure that a policy would be suitable for your needs.
One specialist payment protection provider is British Insurance who can back up their products with years’ of experience and can save you up to 80% on your income protection insurance cover along with giving you the advice you need to ensure the products suitability. Income protection insurance can work providing you know and understand the product and there is no one better to give that advice than a specialist provider.
