A Closer Look at Income Protection
Amidst reports that unemployment and redundancy levels in the UK are rising, many are seeking out income protection in their life insurance policies in order to provide them additional peace of mind if they find themselves incapacity through ill health and unable to work. Income protection schemes are often included within life insurance policies and their purpose is essentially to ensure that an individual's monthly repayments are met if they should find themselves in a position where their income is jeopardised; for example through long term ill health or redundancy.
Life Insurance - Giving Cover When It's Needed
The most crucial aspect of income protection with relation to life insurance cover is the fact that it provides the necessary security when it is needed the most. It is, of course, important to make sure that you find the right life insurance and income protection policy to suit you and some of the most pertinent factors when finding your provider include:
- Age Issues - Generally speaking, the income protection aspect of life insurance policies are available for people between the ages of 18-65. A number of specialist income protection experts, however, may offer cheaper premiums to those under 50, for example, who likelihood of making a claim is lessened.
- Child-Rearing - Whilst it will differ from provider to provider, in the vast number of cases, income protection won't be provided in the event of pregnancy or childbirth. This, however, is something worth discussing with an income protection specialist.
- Introductory Periods - Some of the mainstream income protection and life insurance providers, such as those found on the high street, often insist upon an introductory period during which time no claim can be made. This is an issue that may well be worth discussing with income protection experts who may well be able to reach a more satisfactory compromise.
- Workplace Conduct - It is important to bear in mind that most income protection policies will be reticent to provide cover if you have been dismissed from your job for workplace misconduct. If redundancy is for genuine reasons then it is more feasible for a claim to be made. By speaking to specialist life insurance and income protection providers, you will be able to determine what is and isn't covered with a policy.
Looking for Life Insurance with Income Protection? Speak to The Insurance Service
The Insurance Service's ethos is that it strives to provide fair health insurance policies in an industry dominated by a small number of major providers and decided to give more choice to those seeking health insurance policies. To find out more about the health insurance and income protection policies available from The Insurance Service, just call 0845 053 3404 or fill in the online enquiry form.
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