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Income Protection

Paying less for your Income Protection Insurance: tips and advice.

Having the ability to be able to still cover your bills, mortgage and living expenses, in addition to supporting a family (as is the case for many policy holders), income protection insurance is by far one of the most beneficial insurance policies that you can consider purchasing.

So after outlining the practical aspect of gaining the right protection for your income, the one thing to discuss is the price. Well typically, the average amount of income protection taken out is for approximately £25,000 to £35,000. How much you pay for your premiums depends heavily on the information you give, your current health status and other factors included in building a risk assessment for you. Taking into consideration there are a number of things that you can do to warrant the best chances of keeping your premiums as low as possible.

There are certain aspects that need to be addressed such as age for example. The younger an applicant is, the more likely the cheaper their premiums will be as there is less chance of contracting an illness or having an accident. In addition, with the fact that taking out a policy that has fixed or guaranteed premiums is the most popular type of policy offered, it can be the best option to take on an income protection insurance policy sooner on in life.

Taking your health into consideration, you must look at how you live your life. The healthier you are, the less chance you will have of developing a serious illness that can cause you to be incapacitated for any length of time. For those who smoke, don’t exercise, eat the wrong foods, drink excessively or perhaps are prone to particular problems that might be the fault of a genetic trait in their family history, they will find that their premiums are far more than those who make a conscious effort to improve and maintain their health.

Exercising regularly and eating the right foods, getting used to a routine of sleeping well and living healthier plays an important role and can often see your premiums go down by as much as 25 -30%. In addition changing your lifestyle habits can also have a beneficial effect on lowering insurance premiums as well as improving your health.