Now, when it comes to all the insurances available to us out there, income protection Insurance seems to be the one that always slips under the radar and not many people talk about it. In some cases this is already included in some policies but not all. So; if you are already set up with life insurance its worth checking if this is included in yours.
If not, we have narrowed down the Top 5 Things To Think About Before Setting Up Income Protection Insurance.
"Without income would your family be able to remain in the family home?"
1. Consider the type of coverage you need - Make sure to research different plans and compare what they offer to figure out which one best fits your needs. Our friendly team are always happy to help talk you through our many different providers to find one that best suits your needs (as long as you qualify).
2. Think about the duration of the coverage. - How long do you need your income protection insurance to last? Think about every factor that could cause you to take out IPI, Family history, Line of work you are in, etc. If the worst case were to happen realistically how long would you need this cover for? For example, if you are a roofer, if you slip off a ladder and land straight on you back (and of course you are not put out of work completely) how long would this take to recover?. Depending on how long the duration of coverage, will impact the monthly costs quoted to you.
3. Consider the costs associated. - Make sure to calculate the premiums, deductibles, and other fees to determine the total cost of the policy. Like everything in this world, everything has a price. Before taking out IPI make sure you have a rough budget in mind of what you can afford. Everyone is different and others can afford more than some, have a good idea of what you can afford each month before taking out income protection insurance. Our team is always here to help so don't hesitate to contact us here.
4. Understand the exclusions. - What are the circumstances that are not covered by the policy? Not every policy covers everything so make sure you read through thoroughly what each provider is offering and more importantly what isn't covered! Again have a good think about family history, past injuries, line of work etc.
5. Seek professional advice - It's always a good idea to get advice from a qualified financial adviser before making any decisions about income protection insurance. Your Choice Cover have a great friendly team that are always available to help you, every step of the way. Contact us here to get started.
For more information like this make sure you read our other article here. Also, Follow us across our multiple social media channels so you never miss out on financial service information that could protect you and your family.
To get your Income Protection insurance quote today and contact our friendly adviser team here. Or call us on 0333 188 7617.
Your Choice Cover
12 Celtic Trade Park, Bruce Road Fforestfach, Swansea, SA5 4EP
Phone: 0333 772 1284