Income Protection Choices

When choosing Accident, Sickness and Unemplyment Protection Insurance it makes sense to shop around so you can be sure to get the right level of cover at the right price

To help you compare income protection insurance quotes, the following checklist should help guide you through some of the things to look for: 
    
1. Decide what level of cover you want:

  • Accident and Sickness insurance only
  • Unemployment insurance (redundancy insurance) only
  • Accident, sickness and unemployment insurance combined

2. Decide what you want the cover for and how much you need:

  • Pay for the mortgage or rent
  • Replace the loss of income
  • To cover a loan repayment

3. How long you want the benefit paid.

4. The Excess period.  This is the amount of time you are willing to wait until your payments kick in.  For example you may decide you want to receive payment after 30 days out of work or increase to 60 days.  The longer you leave it the lower your premiums will be.

5. Check you are happy with the exclusions.  Typically you won’t be covered if:

  • You were aware of being made redundant prior to your redundancy insurance cover starting
  • You took voluntary redundancy
  • You were employed for less than 6 months
  • You were dismissed for misconduct
  • Your illness is self inflicted (through alcohol or drugs)
  • Your illness was a pre-exisiting condition

Finally it’s worth knowing that you are able to get Accident and Sickness Insurance if you are self employed which may be of interest if you are concerned about the impact of being too ill to work.

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