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 protection insurance.

  1. Do you understand the definition used for being unable to work, such as ‘unable to carry out your own occupation’?
  2. What benefits are you entitled to from your employer or the government?
  3. Have you shopped around, comparing like for like?
  4. Is the premium fixed for the future, linked to age or inflation, or review able after a set number of years?
  5. For how long will the policy pay out?  12 or 24 months, or until retirement?
  6. Is cover enough for essential expenses?
  7. What is the insurer's track record for paying claims?
  8. How long do you want the deferred period- between one day and 12 months-before a claim is payable?
  9. Do you also get practical help such as counselling and rehabilitation?
  10. Have you disclosed all health issues?
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Ten things to watch when buying income protection insurance
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