Income Protection Insurance: Closing Points

Article published on 15th July 2008

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This article is the last in our in depth look at Income Protection Insurance.

For some people an Income Protection Insurance policy is a luxury and for others it may be the only way their household can continue to operate if one of the earners loses his or her income. Whatever the case, it is worth considering an IPI policy if you can afford to do so. Especially if your earnings potential are vital to your family's financial well-being.

Before shopping around for an Income Protection Insurance policy be sure to check with your employer whether you have some sort of policy already in place as part of your employment contract and also check how long this cover lasts if you are incapacitated and unable to work.

If you do have an existing policy from your employer, this does not necessarily mean that you don't need an IPI policy, but it will certainly help reduce the expense of that policy. Remember that the longer your deferment period before your Income protection insurance benefits kick in the cheaper your premiums will be. An existing policy from your employer, in conjunction with statutory sick pay, would probably last for a good few weeks before you would need to collect on your IPI policy to survive.

If you get an Income Protection Insurance policy be sure to check whether and how much it might be reduced by state benefits or claims from other insurance policies.

Most policies that you will find will be active and will pay out if you are unable to work, with the cut off point being after to reach retirement age at 65.

Make sure you review how different sorts of jobs and careers are treated by your insurance policy. Different insurance companies sometimes put the same job into different Risk bands, so it's worth shopping around to see which offers the most return for the lowest premiums for your particular job.

Well that's it for our in depth look at Income Protection Insurance. We hope this series of articles have proven useful to you!

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