Unfortunately, many unexpected things can happen in your life which could lead to significant injury or illness. That’s why it’s so important to make sure your income is protected with income protection insurance – so if something hinders your ability to work, you can continue to live your lifestyle.
The best way to ensure a continued income in the event of an illness or injury is to take out income protection insurance. Income protection insurance is a form of life insurance that will pay up to a maximum 75% of your income in the unfortunate case of severe injury or illness which impairs your ability to work.
Why Should I Get Income Protection Insurance?
For a relatively small fee, you can ensure that you’ll have a secured income no matter what events occur in the future. This gives you the added security of knowing that your lifestyle will be able to continue and your family’s livelihood will be protected in the unfortunate event of a significant injury.
How Do I Find the Best Cover?
There are thousands of income protection insurers out there, all with their own product offerings and services. This can often make it extremely difficult to find the insurer that best suits your situation and needs.
Here are some tips on how to find the most reliable income protection insurance:
· Do Your Research
There is no harm in shopping around and speaking to a range of different insurance companies. Every company wants your business. Use this to your advantage. Express the fact that you are shopping around and ask them to offer you a better deal than their competition.
· Entrust an Income Protection Insurance Broker
There’s no denying that insurance policies are extremely complex and often written to confuse the reader. One way you can ensure you fully understand the policies on offer and find the perfect cover for you is to engage an income protection insurance broker.
Brokers have access to a range of different insurance companies and have specialist knowledge in a range of policies. They can even custom design a policy to suit your specific requirements and needs. Income protection insurance brokers represent you, the client, as opposed to the insurance company. That’s why you can trust that they will find the best policy to suit your needs.
· Make Sure You’re Covered
Income insurance usually covers you if you’re unable to work due to a serious illness or injury. It is also likely to cover you if your income is heavily reduced due to inability to perform stemming from an illness or injury. Some policies also kick into effect if you have been made redundant.
· Review the Exclusions
Without reading the fine print on all insurance policies, you could end up in a situation where you’re not covered. Make sure you thoroughly read and understand the fine print. Better still, a broker will take care of this for you. They will also have expert knowledge and a solid understanding of all the terms and exclusions and will be able to give you a more descriptive explanation of what’s excluded.
Some of the most common exclusions in income protection policies include:
- Drug use
- Self-inflicted acts
- Criminal activities
What Happens When I Need to Make a Claim?
Under income protection insurance, you can only make a claim if you have a sufficient illness or injury that justifies your inability to work. If you do fall into this category, you’ll need to follow these steps to make your claim:
- Contact your insurer or broker
- Complete any forms required for your claim. It is likely that you will need to supply a doctor’s certificate or medical practitioner’s form
- Your insurer will assess your claim
- Your insurer or broker will advise you of the outcome
This process can often be quite a stressful and make for a challenging time, especially when you’re already dealing with your injury or illness. However, if you did choose to go through a broker when selecting your insurance, they will be by your side to guide you through the process. This gives you a reliable source of information to help you understand what the process involves.
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