Ten things to watch when buying income protection insurance
The Protection Review and Income Protection Task
Force have a list of the top ten things you should consider when buying income
- Do you understand the definition used for
being unable to work, such as ‘unable to carry out your own occupation’?
- What benefits are you entitled to from your
employer or the government?
- Have you shopped around, comparing like for
- Is the premium fixed for the future, linked to
age or inflation, or review able after a set number of years?
- For how long will the policy pay out? 12 or 24 months, or until retirement?
- Is cover enough for essential expenses?
- What is the insurer's track record for paying
- How long do you want the deferred period-
between one day and 12 months-before a claim is payable?
- Do you also get practical help such as
counselling and rehabilitation?
- Have you disclosed all health issues?
Income protection insurance news: 16 February 2012