subject: Here Are Our Top Ten Tips To Help You Choose The Right Income Protection Insurance Provider [print this page] Work out a budget Work out a budget
You may be tempted to take out as much cover as you can, but if you dont really need it, you may find you will be paying for something unnecessarily.
Decide what age you wish to retire
Most Income Protection policies will cover you until a particular age. In the event that you become ill, your policy will payout from when you are first ill until you have recovered. If you are unable to return to work due to your illness, the policy will keep paying until the end age o small piece of information could significantly affect your premium and could save you money!n your policy.
Are you entitled to Sick Pay from your employer?
The majority of Income Protection policies have the option to start paying after you have been unable to work for a number of weeks. This is known as the deferment period and the longer you can defer a payment the lower the premium. It is important to remember that whilst your employer is paying Sick Pay, you are unable to claim on your Income Protection policy. The ideal situation is to make sure your Income Protection policy starts as your Statutory Sick Pay ends, enabling a smooth transition.
Index link your policy
Due to the effects of inflation, what a pound may get you today may not be the same in 10 years time. There is a way to protect your policy and the amount it would pay to you. By index linking your policy, your monthly benefit is increased a small amount each year in alignment with the retail price index, ensuring your policy retains its real value without you having to worry about it.
Look for Guaranteed premiums
In most circumstances guaranteed premiums as the price you pay will remain fixed through the term of the policy. There are Reviewable policies available on the market, which can have cheaper premiums to begin with, but Insurance providers can increase the premiums you will pay at certain review dates.
Dont be branded
Income Protection can be a fairly specialist field and the more well known names such as Fortis, AXA and Aviva, dont always represent the best value for money. Lesser known names such as Bright Grey and Pioneer can also offer competitive premiums, better claims history and better customer service.
Do your homework
You may have come across a policy that will offer you excellent benefits at a great http://www.contactinsurance.co.uk price...but what is their history like regarding paying out on claims? It is important when you take out a policy that you feel comfortable and have peace of mind that your Insurance provider will pay out, should you need to make a claim.
Tell them about your medical history
As you would expect medical conditions can have a significant effect on Income Protection, even more so compared to Life Insurance and Critical Illness cover. Depending on your history an Insurance provider may increase your premiums, exclude conditions from your cover or even decline your application if the condition was serious.
If youre worried that you might be declined due to a medical condition you have or have suffered from, the best way to approach this to speak to adviser, who can point you in the right direction to help you find the most appropriate policy for your needs and will also give you some kind of indication as to what premiums you would have to pay or any exclusions.
How your occupation can influence your premiums
If you work in a hazardous environment this can help offset any premium increases caused by your occupation. Premiums are usually based on your occupation, so if you have a hazardous job it is vitally important that you give as much information as possible. A small piece of information could significantly affect your premium and could save you money! small piece of information could significantly affect your premium and could save you money!
Honesty is the best policy!
Failing to disclose a piece of information, about your health or your occupation could result in the insurance company refusing a claim and could see you paying into an invalid policy.
small piece of information could significantly affect your premium and could save you money!
by: David Yates
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