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Cover a Lost Income With Income Insurance

There are two types of income insurance you could consider, income payment protection insurance and income protection insurance. Both polices would provide you with an income if you lose your own, however there the similarity ends and it is essential to choose the right type of protection for your needs.

Income payment protection insurance would give you an income if you lost your own due to suffering an accident or illness that kept you from working or if you became unemployed due to redundancy. The policy would last for a period of between 12 months and 24 months after a waiting period of between 30 and 90 days. Some providers would also backdate to the first day of your losing your job or of being made redundant.

Income insurance would also payout an income but in this case it would only payout if you were to become incapacitated. It would not cover being made unemployed. However it would payout for a longer term after a longer deferment period of time. In fact once the policy has started to payout it would continue to do so for as long as you needed it, which could be until you reached retirement age. However while income payment protection insurance relies on age and the amount of cover you wish to protect there are more factors taken into account with income protection insurance. Your medical history will reflect how much you pay for the premium; the fitter you are the cheaper your policy. Factors such as whether you smoke, your gender and occupation also go towards setting the premium.

Income protection is a great product to have if you do lose your income, whichever form of cover you choose to take out based on your circumstances. Both types of cover are cheaper when taken out with those who specialise in payment protection products. By doing so you will have access to the vital information needed to ascertain whether or not a policy would be suitable.

With income insurance behind you, you would not have to worry about where you would get the money needed to be able to continue meeting your essential outgoings each month. One of your biggest outgoings would be able to be kept up with, your mortgage. Maintaining your mortgage is essential as just one missed repayment will cause worry with the lender. You will have to show how you are able to continue paying your mortgage while at the same time catching up on the arrears. With a policy you would also be able to carry on paying such as your loan, credit card, grocery bill and all other bills that you would maintain on a regular basis each month. This would leave you with complete peace of mind that you would have the income needed and not have to worry about juggling bills around or putting one off to pay another. You would be able to concentrate on making a recovery and getting back to work or find another job suitable for your circumstances.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income insurance.

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