Income Protection Insurance
Income Protection or Income Protection Insurance is a plan that ensures you receive a regular income should you be unable to work due to illness, injury or redundancy. Income Protection gives you piece of mind that if something unforeseen happens then you will still have an income so that you can meet your financial responsibilities.
Certified Financial Advisors can provide you with access to a network of advisors who can assess your requirements and select the right Income Protection Cover for you.
Income Protection Insurance has become a very popular form of protection cover due to the tough financial climate; there has been a large increase in job cuts and redundancies as a result. Income Protection Insurance is one way of giving you piece of mind against any unexpected circumstances.
Income Protection is extremely flexible in that you can tailor your level of cover and the premium to suit your needs. You can elect to pay for the premium on an annual basis or in regular instalments throughout the year.
Deciding on the right Income Protection Insurance can often be difficult. Certified Financial Advisors can put you in contact with specialist advisors who can help you decide on the cover that is right for you. When deciding on the right Income Protection Insurance there are several factors which determine the cover you require, these are as follows:
- When would you like the Income Protection Cover to start?
- Over what period do you want the cover?
- How much Income Protection Cover do you want?
Other factors which determine your Income Protection premium include your age, gender, health, job role, and any extreme hobbies you undertake.
Built in to every Income Protection Plan is something called a waiting period. This is the period that you will have to wait until your Income Protection Insurance starts to pay out following financial downfall. Generally the longer the waiting period you have built into your Income Protection Cover the lower your premium.