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When it comes to thinking about the uncertainty of the future, income protection insurance is an ideal way to give you and your family peace of mind. If you can’t work due to a disability or illness, you will be relieved and able to focus on your recovery knowing that your family can continue to carry on financially. When it comes to deciding whether or not income protection insurance is something that you and your family need and or would benefit from, there are many key points to note that will make a difference to which income protection insurance policy is right for you.

Decision Making

Deciding whether you need income protection insurance can seem like a difficult task, but with the right know-how and guidance, you will be able to choose a policy that suits both your needs and your family’s. It’s not unusual for employers to include income protection insurance as an added benefit of being part of their company, so checking that you don’t already have an income protection policy is a good place to start. The last area to check is your savings. Where some have certainty that they will be able to rely on their savings should an unexpected incident occur, others favour the ability of income protection insurance to take care of them without worry. Income protection insurance will keep you covered for as long as you need, whereas savings have the possibility of running out in the long run if you can’t return to work. Just ask yourself, if you were off work due to an accident or illness, for how long could you continue to pay all your outgoings from savings? Once you have established this first set of considerations, it’s time to start looking for the right policy.

Is Income Protection Insurance Right For You?

To gain an overview of what the market has to offer, looking at a few different income protection insurance policies will give you an idea of the range of policies that you can choose from to suit your needs. Although income protection insurance is highly beneficial because it will replace your income until you return to work or your designated retirement age, other policies such as critical illness will just pay a lump sum. Knowing whether an income protection policy is sensible for your financial situation is vital. However, let’s not forget that the peace of mind that an income protection insurance policy provides can vastly outweigh the risk of not having the cover to protect you and your family. Seeking help from an independent health insurance advisor will allow you to weigh up your options more clearly and will help you to find the policy that suits your needs.

The Ins and Outs of Income Protection Insurance

Before you take out an income protection insurance policy, you need to understand what it does and doesn’t cover so you know exactly what you’re paying into. Exclusions are a big area that is often overlooked. First and foremost, some income protection insurance policies may not cover pre-existing medical conditions. Another area that should be noted is how long you have to pay into your income protection insurance policy before the insurer will pay out, this is known as the deferred period. For many policies, this can be anywhere from 1 week to 12 months. That said, most policies are set up with either 13 or 26 weeks deferred period. Knowing exactly how much you’ll receive if you make a claim is also highly important. It’s worth noting that the amount of money you receive if you were to make a claim may be affected if you have other sources of income such as state benefits. Considering whether your income protection insurance policy will adjust in line with the cost of living each year is also something to think about.

Many areas can affect the cost of your income protection insurance policy. Your age, gender, health, job, hobbies and lifestyle are all factors that are considered when it comes to the price you pay for your income protection insurance policy. By looking to the guidance of an experienced independent health insurance advisor, it is much simpler – and often more cost-effective – to find an income protection insurance policy that is best suited to you and your loved ones. Having an expert advisor to help you shop around for the best insurance deal will be beneficial in the long run, saving you both time and money.

At Protectus Healthcare, establishing which income protection insurance policy will suit you and your family’s situation is all part of our honest and unbiased process of finding you the policy that works for your unique requirements. Get in touch for health insurance advice that you can rely on.