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Income protection insurance can provide you with some added financial security if something unexpected happens to you. It’s one of the most popular insurance types out there, which means you’ll find plenty of providers to choose from.
With so many options, it’s hard to know what to pick. Thankfully, we take the stress out of your hands by comparing all the different options available. When you compare income protection insurance through us, you see all the best results for your specific situation. Unlike other comparison sites, we don’t just offer a list of results to look at. Instead, we have trained advisors that can listen to your needs and suggest the best routes to take. In turn, this means you will find the absolute best income protection insurance policy around.
What is income protection insurance?
This type of insurance is made to provide you with a source of income if you’re unable to work for an extended period. Often, this happens if you’re ill or incapacitated.
Currently, there are two main types of income protection insurance:
- Short term
- Long term
Short term income protection insurance usually lasts for one or two years. It’s designed for people who can’t work because of an illness or injury that means you’re unable to do your job properly. Sometimes, it will cover redundancy - if you’re made redundant because of these unfortunate circumstances, then it may cover your income until you find more work.
Again, there are lots of different types of short term income protection insurance, this includes:
- Payment Protection Insurance (PPI) - this is set up to cover a specific debt that you might have - like a loan - ensuring you can meet the repayments if you’re out of work.
- Accident & Sickness Cover - this gives you a source of income if you can’t work due to accidents or illnesses.
- Unemployment Cover - this covers you if you lose your job. It will be tax-free, and you get it until you find a new one to provide a source of income.
- Accident, Sickness and Unemployment Cover (ASU) - the most common type of short term income protection insurance. It combines the previous two options and helps to cover your loss of income.
Long term income protection insurance is different in that it’s set up for a much longer-term. Most policies start from five years and can cover you all the way to retirement. They offer coverage for any injuries or illnesses that stop you from working for very long periods. This type of insurance is usually for the most severe circumstances.
How much does income protection insurance cost?
As with all types of insurance, it depends on the policy you’ve taken out, and your own situation. Typically, the key factors determining the cost are as follows:
- Age: The older you are, the more expensive this will cost as you’re more likely to fall ill.
- Occupation: Certain jobs present more risks than others, meaning this insurance will cost more. E.g. a construction worker is more at-risk than someone working in an office.
- Smoking Habits: Smokers will have higher premiums because of the increased health risks.
- Health & Family History: The state of your current health - along with your family history - will play a role in how much this insurance costs. The healthier you are, the cheaper it is.
- Income Coverage: You choose what percentage of your income gets covered by this insurance. As you can imagine, the more coverage you want, the more expensive it will be.
- Range of Coverage: Likewise, you choose what needs to be covered - illnesses, specific injuries, unemployment, etc. The more things you want to be covered, the more costly it becomes.
- Policy Length: Short term policies tend to be cheaper than long term ones as they’re active for shorter periods.
Why do you need income protection insurance?
If you’re unable to work, then you won’t be able to make any money. You have bills to pay, maybe even a family to feed. With no source of income, you fail to keep up with all your regular payments. As such, you can easily fall into debt and get into a tricky financial situation.
Income protection insurance offers a solution to this problem. By covering a percentage of your income, you get money every month until you can go back to work. This offers financial stability and means you can continue paying bills and looking after your family.
Compare income protection insurance today!
Don’t settle for second best! Find a policy that ticks all the right boxes and compare income protection insurance with us today. We will provide you with all the tools and guidance needed to find the absolute best deal for you.
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