What to consider when buying Income Protection
We know that finding the right Income Protection scheme can be a massive headache.
If we go to google and search ‘Income Protection Insurance UK‘ to help us find the right choice…
58,700,000 results!!! It’s great having so much information available but most people don’t have a year to read it all.
For this reason, we’ve created this guide to help you know what to look out for when choosing income protection.
We’ve used our industry knowledge to provide the top tips, for the purpose of helping you find the right policy.
Check for existing cover
If your like me and have a draw full of paperwork you put all your documents in…unfortunately it’s time to get it all out.
If your employed get your contract out and check to see if your company provides you income protection. Business Income Protection schemes protect 2.46 million in the United Kingdom.
Next up check your bank statements to make sure there arent any direct debits for old policies still taking payment.
Around 30% of people we talk too have some cover in place they weren’t even aware of (usually through work).
How long do you need cover for?
Searching online for income protection brings up hundreds of results offering income protection for as little as £1.75 per month, but how long is this covering you for.
You might be paying less per month but what happens if you’re off long term sick, your policy stops paying and you have bills to pay…
Think about how long you could survive without your income when deciding a policy. It might be tempting to choose the cheapest option but it’s not always the right choice.
Always check the T&C’s
Insurance companies have done a great job recently of being open and honest about all terms and conditions.
It’s making sure when taking out the policy you have read everything or had everything explained by your insurance broker.
Ensuring you know the differences between Own Occupation, Suited Occupation and Any Occupation when choosing your policy is a massive must but often overlooked.
Next Steps
We would love to list everything needed in this guide but it’s never a one size fits all approach with insurance, especially with income protection.
Before deciding your next options call one of our team at Hooray Health & Protection on 01273 222805.
There is no fee for our service and we can talk through the options best suited for you.
