What is Income Protection Insurance?
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Income Protection Insurance is exactly what it is called. It is an insurance policy that is designed to replace your income by paying you a monthly fee should you suffer from a long term illness or disablity that prevents you from working and receiving your normal income.
The policy will keep paying you for as long as you are unable to work even if this means paying you until your retirement age.
Reason to get Income Protection Insurance
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What happens if I change my job or my income changes? The premiums you pay and the benefit you would receive should you make a claim are based on your job and the income you earn at the time when you take out your Income Protection Insurance. You do not usually need to inform the company you have your Insurance policy with when you change your occupation however it might be worth you reviewing your benefit level if your new position in work or your new job comes with an increased income over when the policy was taken out. |
Will the Insurance Company want to speak with my doctor or require a medical?Sometimes Insurance Companies might ask to speak to your GP or ask for a nurse to conduct a short medical examination. The cost of these are paid for by the Insurance Company that requested them and can be arranged on a date to suit you. The reason they might ask for this extra information is to allow the Insurance Company to get a better picture of your health so to reduce the risk of non-disclosure and problems with paying out should you need to make a claim on your policy. Get Your Income Protection Quote Today! |
Are there any illnesses that my cover will not protect me from?
In most common cases, your cover is only not effective against HIV/AIDS (unless you contract the disease through work in the emergency services) and against conditions which your Insurance Company exclude from your policy because you have suffered from them in the past.
The Insurance Company will tell you about any excluded conditions that are on your cover, before it starts so that you are completely aware of what you can and cannot claim for.