All About Income Protection Insurance

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The importance of income protection insurance has sparked a lot of hot topics in the financial world, due to a number of reasons. For those who are considering income protection, sure you want to be protected from start to finish, no matter what stage you are in life. Since you can’€™t really tell what will happen to you in a future, you wouldn’€™t want to risk it right? On the other hand, there are some people who may take their future lightly. Some do not realize or believe that anything bad might happen to them. Others assume that they can depend on the government for their needs if anything actually happens to them. Unfortunately, you can’€™t just assume how things would turn out, but rather, you have to study them carefully and prepare for them.

In the event of disability, illness, or accident, income protection insurance is here to protect you. Its purpose is to cover a part of your salary, so you’€™ll have something to use on your day to day expenses.

Of course, you will not be provided the full amount of your salary, which is why it’€™s so important that you take necessary measures to cut down on your expenses. IPI provides extra source of income for your basic expenses, but it wasn’€™t designed to shoulder all of it.

Finding the right IPI policy might be a bit of a challenge, but should not be that difficult. One of the portals to consider is shopping online, for it can give you quicker comparison results. Still, you should not limit your searches online. Make sure you get quotes everywhere and compare them against each other, trying hard not to look solely on the costs but determining the best purchase overall. To compare correctly, don’€™t leave out certain features, but rather, compare each policy against each one that delivers the same features, in order to determine which is actually the cheaper option.

It would be wise to check if you are currently offered income protection through a group plan at your work. Not only can you save a lot of money, but it can help you find out if you are getting the right kind of policy. Meanwhile, if you already have a life insurance policy, you might want to inquire if there are already provisions for income protection. You don’€™t want to over- insure or have two conflicting policies.

You also need to check out the contract limitations, which could be a number of things. Most policies exclude pre- existing conditions, pregnancy, injuries caused by acts of war and invasion, self- inflicted injuries, illegal activities, and drug and alcohol use. Furthermore, your insurer can deny your claim if you haven’€™t presented sufficient evidence for your disability, such as medical records and diagnostic exams. Many companies also require that you undergo treatment from a physician otherwise your claim will be denied. Other factors such as smoking, excessive weight might make it difficult to get approved for coverage, or you might have to pay for higher premiums in order to lift these limitations.

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We do not provide any financial advice relating to insurance or other insurance related topics. IncomeProtectionAdvisor help users get a competitive income protection insurance quote. We do this by working with FSA regulated partners who search and compare insurance policies from dozens of UK insurers. The quote you receive will be based on the information you submit to us. Our service is free and you are under no obligation to accept the quote you receive.
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