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Income Payment Protection, Choose a Policy Independently

Jun 28, 2008
By shopping around for your income payment protection you are able to save money on the cover and get the information needed to be able to decide if this type of protection is suitable. There is another type of protection that has a similar name and it is important not to get the two confused as they cover different things.

Income payment protection would provide you with a short term income, usually between 12 and 24 months if you are made redundant or are unable to work after suffering an illness or an accident. When taking out a policy you would have to wait a certain length of time before you would be able to put in a claim and the policy would begin to payout. This would be down to the provider of the policy but it is usually in the range of 30 and 90 days.

The similar named policy is income protection insurance, and this would pay out for up to retirement age if need be. However this type of policy would only pay out in the case of suffering an illness or an accident that meant you could not work. It would not safeguard against the possibility that you could become unemployed by such as redundancy.

Covering your monthly income would allow you to continue living your lifestyle as you did when you were earning an income. It would be there so that you could continue with your mortgage repayments. Your mortgage is the first payment that has to be maintained if you want to keep the roof over your head. Just one missed repayment is enough to have the lender wanting to see you and wanting to know when you are going to be able to catch up on the arrears. Of course if you do not have an income coming in it would be impossible to be able to come to an agreement with your lender. Another missed mortgage repayment and you are looking at the lender seeking repossession and a court appearance.

Another important outgoing you will have to be able to keep up with is any loan or credit card repayments each month. It is important to keep up with these as by missing a repayment you will have a bad mark against your credit file. This might not be the only problem you encounter by missing loan repayments. The lender could take you to court and a judge might send in bailiffs to take your possessions and you could get a County Court Judgement against you. Even if you manage to get on the straight and narrow again it could take many years to bring your credit file back to good order and during this time getting approved for a loan could be hard. With income payment protection behind you there would be no worrying or juggling with figures. You would be able to relax knowing your finances are in order when it comes to paying out bills at the end of the month.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income payment protection .
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