Income Protection Insurance Covers Explained
If you are afraid of becoming unemployed or are thinking about purchasing income protection in the UK, then take notice of the five things they don’t (or may neglect to) tell you about when selling you an income insurance policy.
1. How long before you can claim.
Nearly all policies have a wording which excludes claims for unemployment for 120 days or four months from the inception date when you took out the policy.
The qualification period options vary by policy are always detailed on the policy documentation. Quite often you can save many pounds by agreeing to a longer period during which you cannot claim.
2. Monthly Premiums.
Nearly all income protection insurance policies are continuous monthly covers. Premiums are most often paid monthly in advance by direct debit for the next months protection.
Because they only cover you on a month by month basis as long as you pay the premium, it is now very easy to shop around and get better cover at a much fairer premium.
If you require unemployment cover you should act immediately and purchase some income insurance.
3. Move to a New Income Protection Provider.
If you have previously purchased Income Protection from a bank or building society you should consider changing to an independent supplier, whose premiums may only be half what you are currently paying and whose cover restrictions may be more favourable to your individual circumstances.
Because you pay you premiums monthly if you already have income protection insurance in place, you may need to cover two premiums for the exclusion period if you purchase a new policy, which could prove expensive during the exclusion period.
4. Excess Period.
Not to be confused with the exclusion period, the excess period is a period of time from the day you make your claim until the claim is eligible to be paid out.
Excesses vary considerably by income protection policy and longer excess periods generally mean cheaper premiums.
So effectively you get benefit as soon as you are eligible for a claim and there is no ‘excess period’ in which you can’t claim benefit.
5. Compare Quotes Online.
Income Protection Insurance is one type of insurance where it really does pay to follow the principle or maxim ‘shop around’.
However today the better Internet sites, which are generally independent product suppliers, now make the process quick and easy, and should not deter you from purchasing this modern insurance essential in this most turbulent of economic times.
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