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Income Protection

Which is best for you, a long term or short term income protection insurance policy?

Choosing between either a long term or a short term plan, you will receive a beneficial monthly allowance to pay your outgoings.

Both equally protective, a short term plan offers just the same as a long term policy yet will pay out for a limited time of up to 12 months for the majority of insurers and for a select few up to 24 months. Long term protection can be arranged to look after you until retirement age or a selected age for retirement that you provide, coinciding with any private pension arrangements you have made, or depending on your occupation.

Choosing the right one for you can be a difficult decision but is usually based on certain factors. Enlisting the sound advice and assistance from leading income protection experts who can provide tailored Income Protection Insurance is the smartest move when planning to take out a policy. Collating data from across the market, specialist insurers pay close attention to arranging cost effective and affordable, competitive policies, both long and short term, to benefit you in the event you need to make a claim. Offering sound advice and giving an unbiased view on the types of insurance available, comparison sites and insurers give you the chance to fully consider both options before making your decision.

Short term policies have a number of different advantages to long term income protection plans available and vice versa, of which some are discussed here: A short term plan has the superb benefit of being rapidly arranged, meaning that the insurance policy can be setup immediately without any hassle and the additional work of underwriting the insurance policy. Points such as retrieving medical records and contacting doctors to assess your health background and risk of making a future claim and providing many more benefits are none essential at the time of arranging a short term income protection policy.

Often taking a while to set up because they are properly underwritten, long term income protection policies offer a number of advantages, the main one being that all the required background information such as your medical history gets evaluated and other checks put in place and completed before your policy begins. Leaving you with no further need for action other than notifying your insurer when and if you need to make a claim after your waiting period, long term plans may be more expensive but will cover you as long as you are unable to work.