Why Income Protection Insurance is so important
Your earning potential is likely to be your family’s most valuable asset, and so, since none of us know what the future holds, it is a good idea to protect this income with an Income Protection Insurance plan.
Income protection Insurance plans are designed to provide you with an income should you be unable to work for a prolonged period of time due to an illness or injury.
How Income Protection Insurance works
An Income Protection Insurance plan will cover you for a specified number of years (usually until retirement) and, in the event of a qualifying claim, the proceeds are paid until you are able to return to work or reach the end of the term, whichever happens first.
What to look out for with Income Protection Insurance
Income Protection Insurance policies come with a number of options to consider, including (but not limited to):
- Deferment period – i.e. how long you’d have to wait until cover ‘kicks in’. Would you need help straifh away or would you be able to get by for a few months?
- Benefit amount – you’ll need to assess how much you earn for your family and how much of this you can cover
- Review – as we all know, things change, and so it’s important to make sure you regularly review your cover
How to get quotes for Income Protection Insurance
Since Income Protection Insurance plays such a vital role in the protection of your family’s future, it is important to make sure your cover is set up correctly and continues to meet your needs.
This being the case, we would recommend working closely with a specialist who will work closely with you to understand your needs and make sure your cover keeps up, as you and your family go through life.
We have such specialists at hand, should you wish to discuss your needs.
If you’d like some friendly advice and quotations, without obligation, just contact us by whatever method suits you best.