Read the insurance schedule

When you are buying income protection insurance, make sure you fully understand the methods of making a claim, what you have to show in order to make that claim, and the criteria that need to be fulfilled. There is no point buying the protection if there is no way that you can claim on it. Therefore, it is always wise to read the contract and make sure that the mode of your employment fits with the policy. Many people have found that they thought they were covered by income protection insurance, only to find out that the policy no longer covers them because they changed job some years ago without informing their insurer.

Then, when they come to that awful point in life when they suffer a long-term illness, and they find that they are left high and dry. There are reports in the news about complaints and some companies being accused of mis-selling policies. However, look closer at many cases and you will find that the policy was the right one for the individual at the time they bought it. Life then went along okay for a while until they changed job. It was at this point they should have made a call to check whether a different policy was needed to cover them. So the action point to take away now that you have read this is: get your policy documents out and make sure they are still relevant to your job. If they are, then you can sleep safe in the knowledge you are covered.

If they are not, you will feel thankful that you have read this and have been given a nudge to take action.

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