The below will provide help and assistance on income protection and its worthwhile following the advice found to fully understand this form of insurance.
Income protection falls under many descriptions and names including payment insurance, income assurance, repayment insurance and payment protection insurance. Basically this type of insurance policy acts as a replacement income for up to twelve months should you lose your job or during sickness.
There are various terms and conditions which cover all income protection policies and many will differ on when and how they will make payments. We recommend you read through these carefully to make sure the correct cover is in place for your requirements.
One particular area to look out for is the length of the deferred period, this is the time between the claim and when the insurance company will make their first payment. You may find that the cheaper policies have up to ninety days before they will begin making payments to you and should you have a tight income or a large family this can cause problems.
Prices for income protection policies are usually provided for a proportion of your income (usually as requested by you) and for every one hundred pounds covered they charge their premium each month.