Income protection insurance has alternatives

Tue, 17 Apr 2007

Income protection is clearly one of the most important types of insurance, particularly for those people who have a mortgage, debt or dependants. Insurance companies and intermediaries have been praising income protection insurance for years, yet the public seems to remain unconvinced.

Unfortunately, income protection insurance can prove expensive. Successful claimants on an income protection insurance policy can be paid a regular monthly income until they recover from their illness or hit retirement age. Depending on your job and the risk you represent to an insurance company, your premiums go up and down.

So, wherein lies the solution to the underselling of income protection insurance, and the large ‘insurance gap’ the nation cannot bridge? Some insurers offer stripped-down insurance policies with lower benefit terms, whilst some are tied to a mortgage term. Short-term income protection insurance has met with much uncertainty and suspicion amongst the insurance industry.
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