Keeping the Money Coming In
If you or your partner can’t work, either permanently or temporarily, due to illness or injury, how do you keep the money coming in to pay your every day expenses?
Income protection insurance may offer a cost-effective solution to ensuring that you still have access to the money you need, via a monthly benefit payment.
Income protection insurance comes in a variety of different policy types, including indemnity, agreed value and loss of earnings. Which type of policy will suit you will depend on your situation, particularly how stable your income is, so talk to a risk adviser for assistance in determining your requirements.
Other important considerations for choosing the right income protection policy will include the insurance premium, waiting times, payment periods and the legal definitions of illness, injury and disability that apply to your policy (which will ultimately determine whether or not you are eligible for an insurance payout).
It’s important to note also that a ‘waiting period’ for income protection insurance is not quite the same as a waiting period for health insurance. With income protection insurance, the ‘waiting period’ on your policy refers to how much time you need to wait after the loss of your income before your policy begins to make you payments. For example, if you choose a 3 month waiting period, it will be 3 months after your income stops before you receive your first insurance payment.
If you already have income protection insurance, remember that it’s important to review your policy whenever you change jobs to ensure that it still offers the correct level of cover, at the right price, for your current situation.