Income Protection Insurance Suitability for You

Article published on 10th July 2008

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As discussed in previous articles, state benefits like incapacity benefit and statutory sick pay usually fall below your usual income level. As such, additional insurance cover can usually be purchased in order to cover the difference.

Generally speaking, Income Protection Insurance policies are not suitable insurance against general unemployment, such as just being between jobs or having been made redundant. The benefits of Income Protection Insurance policies are only really released when the policyholder is out of work due to incapacitation due to medical reasons - so because of an accident or because of a particularly debilitating or contagious illness. Unemployment insurance is available as are payment protection insurance policies, and these might serve to compliment an Income Protection Insurance policy, although again it is worth bearing in mind that the money you get from some policies will actually affect what you are entitled to through your Income Protection Insurance policy, so it is worth checking in advance.

There is no point in paying for several sorts of insurance if you are never going to get the sorts of financial benefits back that you have invested into them. You would be operating at a net loss if you did.

Income protection insurance policies do not provide for health insurance, life insurance or critical illness cover, and so these separate forms of insurance might be worth investigating in their own rights if you can afford them.

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