Income protection insurance is becoming a very popular and very valuable form of insurance; this is not only due to the economic situation but also individual’s health and safety. We all like to look after ourselves where and when we can but that does not always stop us from being in accidents or suffering from critical illnesses. A critical illness or accident can happen or appear at any time and not many us will be prepared if we were unable to return to work, therefore losing our incomes, however, with income protection insurance you will be able to provide cover to yourself and receive an alternative income each month.
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This substitute monthly income usually averages at 65-75% of our previous income, which allows us to keep financially safe whilst not having to downsize on our lifestyle on a large scale. With many other forms of insurance you are provided with a cash lump sum that honestly, does not survive that long, with income protection the monthly income will be able to act your old income, which ensured that you will not suffer financially in the future.
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Income protection insurance could be the perfect insurance for you and your family, as critical illnesses and accidents can appear or arise at any time in our lives, but you need to make sure that you have the right income protection cover and policy to suit your needs.
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The most important thing to do when you are applying for your income protection cover is that you answer all of the questions with right answers, it may seem as common sense, but many individuals want to have their premiums lower and therefore ‘accidently’ put in incorrect answers, however even though this may lower premiums when it comes to applying for your claim it may be rejected. This is because any incorrect or wrong answers will make your policy null and void which may not come apparent in an instant. You may have been paying your premiums for years but when it comes to claiming it will not be worth putting in any incorrect data or answers.
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There are a range of things that you need to think about before purchasing your income protection cover; these things will enable you to make sure that you have the perfect policy for you. Think about how much you would like to pay overall, this is a great aspect of your policy to think about as it will ensure that you have the money you require to stay financially secure.
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How long your policy lasts, there are short term and long term income protection policies each providing you with a wide array of benefits. Short term policies only last two years however if you were to successfully claim within the two years your payout will be received a lot quicker than that of a long term. With a long term policy you will be able to specify over how many weeks you want the payout to be receive for example 4/8/13.
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There are also many of your lifestyle aspects that will affect your premiums so you need to take them into consideration. For example your smoking status, health, weight, gender and much more. Each will either help to lower or increase your premiums.
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An income protection insurance policy can help to provide you with a monthly income if you were to suffer a critical illness or accidents that were to leave you unable to return to work. There are many more factors that you should consider when purchasing your income protection insurance, visit Income Protects online website today and find out how to gain the perfect policy for you.
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Income protection cover is a very valuable form of insurance that could protect you and your income when you most need it. Ensure that you have an income protection cover and policy that suits all of your needs and requirements today with Income Protect.
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Income Protection Insurance is an established insurance provider who can ensure that you will receive the best and highest quality income protection cover available.
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