Insurers will evaluate the danger of your job when deciding whether or not to cover you. You might get a lower premium elsewhere if you know the job category that your employer is using.
Before you purchase income protection insurance, you need to tell your insurer.
Your insurer must have all details about you and your family’s medical history. Your insurer could refuse to pay if you forget anything and later make a claim.
You may need to pay more if you have a pre-existing condition. If you have had a pre-existing condition, it is one that you are familiar with.
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Insurers should be notified if you engage in dangerous hobbies, smoke heavily, or use drugs. They may decline to pay the policy if you do not tell them about any issues that later affect your claim.
The person selling you the policy doesn’t need to know any sensitive or personal information. You can request to have the information sent directly to the medical officer of the insurer.
You may not be eligible for income protection insurance if you are in poor health or have a hazardous job.
How to determine the right level of income protection insurance coverage?
- For income protection insurance, you can use this calculator to determine the amount of coverage that you require.
- Start by determining how much you currently earn in your take-home pay
- Take the state benefits amount that you would receive.
- Reduce work-related costs like travel, food, and clothing
Add any additional expenses that you may need in the event of your illness or disability, such as heating or medical equipment costs.
How to purchase income protection insurance?
You can purchase income protection insurance starting at:
An independent financial advisor who can review all policies and help you choose the best one. This advice may cost you extra
Directly from an insurance company
You should shop around for the best income protection insurance deals if you are looking to purchase directly from an insurance company. To do this, you can use a comparison site. Online purchasing insurance is unlikely as the company will assess you for suitability. However, you can still get a quote online and contact insurance advisors.
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What factors affect the cost of income protection insurance?
Costs of income protection insurance can be affected by:
- Your age- The higher your risk of becoming ill, the more you will pay for the policy.
- Your health – If you are in good health, insurance will cost less
- Your job – If you have a dangerous job, you’ll pay more for coverage
- Lifestyle and hobbies – If you are involved in dangerous hobbies, smoke heavily or have a lot of drinking, you’ll pay more for insurance
- The waiting period – The longer you wait to file a claim, then the lower your premiums will be
Consider whether you would be willing to take on other work if your condition requires it. It is usually cheaper to get income protection insurance if your claim will only be made if your job is affected.
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Cancelling your Income Protection Policy
You usually have 30 days to cancel income protection insurance and receive a full refund.
You may not receive the full amount that you paid if you cancel your policy within 30 days. Please review the terms and conditions of your policy.