Income Protection is a fairly broad subject; it covers many areas such as Accident, Sickness and Unemployment also. Income protection insurance is designed to help cover you through a period where you may be off work due to an accident, sickness or unemployment. There are various guidelines that have to be met in order to take out such insurance, for example if you know of any redundancies within your workplace you would not be able to take out unemployment insurance. The insurance has been put together so that if you were stuck at home with no regular income and had a house to pay for your monthly mortgage repayments would be covered, so you would not have to worry that you were going to loose your home or not have a roof over your head as you would not fall behind with your repayments. Not only can you cover your mortgage repayments you could also cover other outgoings depending on how much you earn, as most providers will only cover you for a fixed percentage of your typical wage per month normally between fifty and sixty percent.
The insurance is used to cover you for anything from one month to twelve months off work. Income protection cover has become more and more common for people to take out due to the recent economic downfall and more and more people have been made redundant or becoming ill due to stress or the amount of work expected from individuals. Depending on where you source your insurance, it may be seen to be fairly expensive however if you search the market you will be sure to find a deal that will hopefully get you what you want. If making a successful claim the money should be used for its intended purpose to support your family at a time in need. You can receive a quote from an insurance provider free of charge with no obligation and you do not have to commit to anything there and then, it is better to digest the information in your own time so you can make an informative decision.
You can tend to put together an insurance plan that combines all the necessary insurances into one plan. For example people who tend to take out critical illness insurance will most likely also include life insurance as it is normally added at very little extra cost per month. When taking out life insurance it is also possible to include other options to the plan such as waiver of premium etc. These options are normally included at a price, but at very little extra compared to the stand alone cost of critical illness insurance. Waiver of premium means that if you were unable to work, the provider would pay your insurance premiums for you until you return back to work again. If you are for example in your early twenties and are looking to take out a policy because you are buying your first home, and you need the insurance to be able to take out and your mortgage, and are in reasonable health then the cost of the insurance will be substantially less than if you were taking out the same plan when you get older. It is not obvious what anyone's future holds but it may be wise to always be prepared and if so the cost will go in your favour. It may then mean that you can include the extra's as mentioned previously however it all has to fit within a budget. The main thing when choosing such a policy is to make sure that the level of cover is going to cover you over the appropriate years, it would be a shame to reach a certain age and your policy were to cease just before you really needed it to help support you and your family. If covering a mortgage the term of the plan is normally the time left on your repayments, whether that may be twenty or thirty years however some people may decide to extend the term by a few years just in case. Because again if you were looking to take out the insurance at an older age the cost of the plan would be substantially more.
Author Resource:
I found this site very useful Life Insurance along with the Life Insurance Experts
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")