What Is Income Protection Insurance?
A lot of people do not know how to compare income protection insurance so this article will come in handy. Income protection insurance was formerly referred to as Permanent Health Insurance (PHI). It is a form of insurance policy which pays if you’re unable to work due to injury or illness. You enjoy the benefit until you either retire, die, or go back to work. This seems like a good deal right? Well, it gets better. You will learn how to compare cheap income protection policies and save enough money.
Why Do I Need Cheap Income Insurance Protection?
If you fall sick and are unable to get to work, only very few employers will support you for more than a year. It gets worse because there is a very minimal state benefit available. Given the low level of state benefits available, everyone of working age should consider IP. This is why we’ve come up with the ultimate guide n how to compare income protection insurance quotes and secure yourself.
This is the one protection policy everyone in the UK should consider, however, not everyone does. We have come up with a way to combat your cheap excuses. Compare cheap income protection prices here and get one for yourself.
How much does Income Protection Insurance cost?
Whenever we help you compare cheap income protection insurance quotes, we inform you that the amount you pay for your job loss insurance ultimately depends on your insurance broker. However, there are a few things you can do to pay lower on your income protection insurance policy.
Amount of income protected – This has a huge effect on how much you pay in premiums. The higher the amount, the more expensive your premium is.
Length of policy – Since you select this one yourself, you are ultimately in charge. Normally, the longer you defer payment, the less you’re likely to pay. This is a proven way to get income protection solutions without tearing your pocket.
Waiting period – Normally, there will be a length of time between when you make a claim and the time the policy pays out to replace your income. The shorter this period is, the higher your job loss insurance premium.
How Much Does Cheap Income Protection Pay?
Every premium pays the same. This means even cheap income protection insurance will pay you based on a percentage of your earnings. An income protection cover should normally pay between 50% and 70%. These amounts are also tax-free.
Normally, expensive and cheap income protection insurance only provides payment when the pre-agreed period for payment has been reached. This time can be between a month and 12 months, depending on what you state in your claim. While comparing income protection insurance, you should note that you get lower premiums if your deferral period is long.
What’s the Best Way to Buy Income Protection Insurance?
Are you now convinced? Do you see the need to compare cheap income protection insurance?
Alright. We will save you the stress of researching the range of policies on the market. By comparing income protection insurance policies, you’ll have a good knowledge of the amount you’ll pay and the cover you’ll receive.
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