Income Protection Insurance Could Give You A Replacement Income

While losing your income is something that the majority of us never give much thought to, it can happen and if you were to suddenly find yourself out of work due to an accident, sickness or through unemployment then you could be left struggling financially. Income protection insurance could give you a replacement income with which to continue repaying your essential outgoings and give you security.

The majority of income protection insurance policies would begin to pay out once you had been off work for a continuous period which can be anywhere between 31 and 90 days after the event and depending on the provider. The amount of time that a policy will pay can also vary but it is usually somewhere between 12 and 24 months, again dependant on the provider.

Buying cover from a standalone provider is the best way to secure yourself the cheapest premiums for the cover and the cost can vary tremendously. It is essential to check the small print or key facts of the policy before you buy because this is what will allow you to decide if income protection insurance is right for your circumstances.

While providers can add in exclusions there are some that are typcail...