Our site will allow you to
compare all types of fee income protection scheme - protect yourself from the
unexpected; illness, redundancy etc with an insurance policy to pay your
mortgage and other daily outgoings.
You do not have
to have a mortgage to take out an Income Protection policy. You can cover your
rent payments and other household bills. You can buy cover to protect your
income if you have an accident or become ill and cannot work, if you become
unemployed, or to provide full cover for accidents, sickness and unemployment.
The terms and conditions under which you can claim differ with every policy,
so you should always check them very carefully.
The Benefit
period is the length of time you can claim monthly payments for, and these
vary for each policy. You can select the time period you want to be covered (1
year, 2 years etc) but the longer you want the cover for, the more expensive
the premiums will be.
There is also
an Exclusion Period, sometimes known as an Excess period. This is the time you
have to wait to start receiving benefits from the policy after you have become
ill, had an accident or become unemployed. Again, this can vary from having no
exclusion period to 30, 60 or 90 days. In some instances, this can be even
longer.
Alternatively
some have a waiting period after which time the claim is paid in full. With a
30 day waiting period, on the 31st day of unemployment or disability the claim
is back dated to day 1 & paid in full.
