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Why You Should Consider Income Payment Protection Insurance

Jun 28, 2008
There are many reasons why you should give income payment protection insurance some thought. With a policy behind you, you are able to have a replacement income each month if you should lose your own by falling ill or suffering an accident. If you were to become unemployed by such as redundancy then you would also be covered by your policy which would leave you stress free regarding your finances. You would be able to meet outgoings just as you did when you were working and this would allow you to think about making a recovery or to find work again.

Being able to continue meeting your mortgage repayments each month is essential if you cannot and you get behind on your mortgage repayments then the lender will take action against you. If you have not got the money to be able to come to an agreement with your lender then the lender will have no choice but to take the first steps towards repossessing. Income payment protection insurance can provide you with an income each month that would cover up to so much of your own income each month. This would allow you to have enough money in the bank for the direct debit to go out each month for your mortgage.

Of course you will have many other outgoings to make, you could for instance have to repay loans or borrowings made on credit cards. Your heating and lighting bills, council tax and all other essential outgoings would have to be maintained. By paying a premium each month you would have the money needed to take care of all of these outgoings. Your premium would be based on how much of your income you wished to insure against up to a certain amount. You would then have to stand to so many days once you had become unemployed or had been declared incapacitated.

You have to compare the terms and conditions of the policy as this is where you can find when your policy would last and for how long it would pay. Providers will usually ask for a deferment period of 30 to 90 days before paying and some will backdate cover to the first day of unemployment or incapacity. Some will pay out for a period of 12 months before the policy ceases and with others it could be for up to 24 months. After the period has ended it is assumed that you will have found work or will have made a recovery and be back at work.

Income payment protection insurance does need to be shopped around for if you are to get the best deal. Standalone provider's offer the cheapest premiums and even these will vary. When comparing quotes to protect your income always look at the terms and conditions to see what exclusions there are in the policy. All policies will have some and these must be checked against your circumstances. The amount of exclusions to be found in the policy will depend on the provider with some adding in more than others.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income payment protection insurance .
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