Income Protection Insurance

The area of income protection insurance can be a difficult one to navigate; there can often be confusion over what is covered and what isn’t under certain circumstances. Here are a few important things to note in regards to income protection insurance.

It is hoped that policy holders will only require the support provided income protection policies for a short period of time before they are able to return to work. If this does happen your benefit will no longer be paid but your cover will continue, if you return to work at a lower rate of pay then you can claim a proportional benefit to make up for any of the money you will lose. It is worth noting that you can claim as many times as is needed upon your policy and that you can claim upon the insurance more than once for the same complaint.

Hospitalisation benefit tends to be covered as part of income protection, this means that if you are admitted to a hospital for a set period which is specified in the policy then you will receive a benefit for each day that you have to stay. Often this can be claimed much earlier than your deferment period however not all policies offer this benefit so it is worth checking.

With many companies changing your occupation will not affect your policy and you are not required to inform them, however it may be worth increasing or decreasing your level of cover if your salary changes.

As with all types of insurance it is worth checking the fine print before purchasing any policy. Many companies, including Endsleigh.co.uk, will send out a key fact sheet with each policy quote to allow you to quickly compare the key features of each policy to allow you to choose the right level of cover for you and your circumstances.