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Compare Aspects of Income Protection Insurance Cover

Jul 31, 2008
Comparing all aspects of your income protection insurance cover is imperative. There are many different aspects that do need comparing when looking with standalone providers for your cover. How much you would have to payout is of course one of the biggest reasons for choosing a certain provider. However you also have to take into account things such as when and for how long you would benefit from the policy and then there are the exclusions which have to be checked.

All income protection insurance cover comes with some exclusions and these are what can determine if cover is suitable for your needs or not. Some providers will include just the bare essential exclusions while others could add in many. The waiting period to claim on the cover will vary with providers. Some providers will ask you wait until you have been unable to work or have been unemployed for 30 days; others might state this is the 90th day. Some could offer to backdate the policy to the very first day of unemployment or incapacity. Your policy might payout an income which is tax-free each month for 12 months and others might extend to 24 monthly repayments.

Protecting your income against being unable to work is essential if you do not want to have to struggle each month to get by. Certainly you would have to keep up with the repayments of your mortgage. Otherwise you are risking getting into arrears and losing your home. Lenders do work with you to some extent but you have to ensure that you would be able to keep up with an agreement made to pay off the arrears at the same times as repaying your mortgage. If you have not got a steady income coming in then you would not be able to come to such an agreement.

You would also have to continue to meet any loan or credit card commitments you may have. If you get behind on these then you are at the very least going to see your credit rating affected. In the worst case you would be taken to court by the lender and could have your possessions taken to sell for the lender to get back what you owe.

Along with these outgoings you would also have to give some thought to other bills that needed paying on a monthly basis. You would need to find the money to pay for grocery shopping, to pay the heating and lighting bills and any other outgoings that have to be maintained. Without a policy and you could be left juggling bills and have to make many lifestyle changes.

Providing you do your homework and check the policies terms and conditions of income protection insurance cover then you would have a back up plan which to fall back on if you should lose your own income. However, you should be aware of another policy that can taken out to safeguard your income. Income protection insurance pays out over a longer period of time which can be up to your retirement after waiting a longer period to claim on the cover. However this would only protect you against accident and sickness, it would not include unemployment.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income protection insurance cover .
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