Income protection insurance: The importance of comparing the market
When you compare the market for income protection insurance, you are giving yourself a safety net against the potential sudden unemployment that can occur because of an unexpected injury in a car accident, or due to serious illness. In most cases, this form of insurance does not cover redundancy, but there are other policies that will enable you to do this as an alternative.
To compare the market for income protection insurance, use our friendly website to receive competitive quotes from leading insurers. Typically, such a policy enables you to make a claim for 12 months in total, and will even continue to offer financial support once you return to work with reduced hours. This will help you to make the transition back into the working environment if it’s been a while since your illness or injury.
Some insurers will also offer more health perks than others, including a stress counselling helpline and rehabilitative services. This can be advantageous if you have been prone to depression in the past, as it helps you to address your problems and focus on becoming employable once again.
And so, once you’ve found the policy for you, it’s time to go through the due diligence that will ensure both you and the insurer are happy with the agreement in place. After you successfully compare the market for income protection insurance, you may be asked to complete a medical or answer questions about your health over the phone so the insurance company can keep that information in their records. There is also an exclusion period with income protection insurance that will prevent you from being eligible to make a claim for the first three months of the policy, and this is enforced to prevent people with pre-existing medical conditions trying to obtain insurance fraudulently.
This type of insurance has a permanency about it, which means that you can only receive payments from the policy for the length of time you’re making contributions to it. Some sceptical people may say that they don’t understand why there is a need for income protection insurance, especially if they are already employed by a company that is able to provide payment during sick leave. All in all, income protection insurance will not be suitable for everyone, and this is why you need to do your due diligence to find out if your employer would help you during illness or injury.
For more information, keep looking around our blog where we have more posts relating to income protection insurance, or get browsing to see the headline benefits of deals from our affiliated insurers!
