Protect your income with income protection
- 4TH OCTOBER 2007
Income protection can give you a replacement income if you should find yourself out of work due to suffering from an accident, prolonged sickness or by redundancy. If you were to lose your income then you would still have to repay your essential outgoings and it could be a struggle where to find the money.
Income protection insurance could start to give you a tax free income once you had been out of work for a set amount of time which varies from provider to provider but is usually between the 31st day and the 90th of being out of work. Once the income protection cover kicks in, then it would continue to provide you with a fixed income which was determined at the time of taking out the policy for up to 12 months and with some providers for up to 24 months.
The income protection premiums that you are charged for the cover will depend on certain factors such as your age at the time of taking out the policy and the amount that you wish to cover against each month. Premiums do vary which is why standalone specialist provider Simon Burgess of British Insurance urges consumer to shop around for the cheapest policy. British Insurance can save you money on the cover while giving you access to the essential information and advice needed to ensure that a policy would be suitable for your circumstances.
Income protection can give you great peace of mind and security by giving you a replacement income so that you can carry on living your lifestyle without too much change if you should find yourself out of work but it isn’t suitable for all circumstances and it is imperative that you make sure it’s suitable for yours before you buy. The exclusions are found in the small print and an ethical provider such as British Insurance will make these available to you in plain English.
