Posts Tagged ‘insurance policies’

When is the right time to buy Income Protection Insurance?

Thursday, August 18th, 2011

There are many that have yet to discover what benefits income protection insurance have to offer and those who are unsure of its importance. Perhaps already having certain insurance policies in place such as life insurance, there needs to be a certain clarity made between income protection and other seemingly similar policies.

Ok, if you were to look at life insurance and other policies such as critical illness insurance, it is important to deduce straight away that these two policies should in no way be connected with income protection insurance. Possible similarities between income protection and critical illness plans are apparent in the fact that they pay out if a person contracts a critical illness or are no longer able to work due to that illness but life insurance only pays out if the insured party dies.

No help there for the insured party then is there? With that in mind, critical illness policies pay out a lump sum cash amount whereas income protection pays a percentage of the claimants’ salary each and every month, ensuring a regular income is still attained. Depending on the level of cover a person chooses, they could in effect receive payments up until the day they retire if their injuries or illness is serious.

So in the final conclusion, the question remains of when the right time it would be to take out income protection. The answer can be very different for individual cases but by any standards, the earlier you take out a policy, the more cost effective it will be in the long run, especially if there is a history of health problems in your family or if you work in an industry that is dangerous or has high risks.

Don’t be put off by extortionate income protection premiums.

Friday, July 29th, 2011

Worrying about how you would ever pay your bills in the event of a financial blow such as losing your job or the ability to do your job is a trying and testing issue that many individuals spend a certain amount of time considering throughout their working careers. Definitely as of late with the state of the economy over the last decade, job security in many sectors has come under fire and not even the most secure of jobs within certain industries have been without the worry of possible loses.

 

Understandably then that when faced with certain income protection policies that seem to be quite high, there are many that choose to decline the chance to take out protection against their income. In a way the whole thing can be a double edged sword…but only if you are to rush into things and find yourself only checking one or two companies for a comparison.

 

In order to find a viable solution and to find an insurance specialist that can present a policy that is not only tailored to your needs but also one that fits into your budget, you need to do your homework. Checking insurance comparison sites for the best offers that can be found with a little investigative work and looking at various requirements and points that can lower premiums all offer added assistance in finding an affordable alternative.

Income Protection Cover: What You Should Know – Part 2

Wednesday, July 27th, 2011

In any event, losing an income can be hugely significant, however large or small it may be and there are really no ways round finding a quick solution other than finding a new job or a way to replace that income as soon as possible. However with Income Protection Cover, you can help protect against the damage that can arise from a sudden drop in a household’s income. What Income Protection Cover can effectively do, is provide you with a monthly income based off a certain percentage of your gross salary so that important outgoings and bills can still be paid and you still gain money to assist in your family’s daily running costs.

 

Because certain insurance services such as Income Protection needs to suit the needs of individuals, the insurance plans are normally quite flexible, providing the right assistance to benefit a selection of budgets, requirements and outgoings, reflecting obviously on how much the monthly premiums will be, from customer to customer. With many insurance specialists you need to be 100% sure of what you are eligible to gain in the event you need to make a claim, such as some insurers will not pay out if you are made redundant, or if you have suffered an accident through wilful neglect and are trying to claim a loss of income. Be honest and true at all times with any claim or policy to avoid disappointment.

How income protection may help you.

Monday, September 6th, 2010

Whatever the reason and whatever the role you perform with your job or career, it is the same for everyone when faced with potential financial abandonment due to job cuts or the dissolution of a particular company. Income Protection Policies are designed to offer financial assistance, just as any other insurance policy is designed to help in the occurrence of an incident or event beyond your control.

There is an abundance of income protection insurance providers offering tailored and individual income protection cover at affordable rates, offering genuine, expert and professional assistance when you need it the most.

Taking out a policy can cover a large percentage of your earnings, enough to meet mortgage payments, rental payments or everyday utility bills and loans that you need to pay. Receiving a lump sum once a claim has been successful gives the policy holder peace of mind that bills can be covered for a period usually long enough to find alternative employment.

Advisors wait on standby to answer any questions and to discuss the individual requirements of all who contact them for information on what coverage they can secure.