Criteria for Evaluating Income Protection Insurance

Income Protection is one of the fastest growing fields in the insurance industry today. With that growth comes new products and services. The choices can sometimes seem overwhelming for even the most seasoned shopper.

When deciding which policy to purchase, remember first and foremost to evaluate your particular situation prior to looking at different types of policies. Some policies designed for specialized industries can be eliminated right from the beginning. It makes no sense to sort through policies targeting pilots and airplane owners when you hate to fly.

Once those income protection policies that don’t directly pertain to you have been weeded out, next look at the policies themselves. What is the policy’s definition of disability and how will that affect you and your family? Definitions are clearly defined, usually in the back few pages of the information booklet.

Next, what is the monthly benefit amount and how will that amount be paid each month? Income protection policies generally replace between 50 to 65% of an individual’s monthly income. This amount however, can vary greatly from company to company.

Lastly, review the benefit period. This is the overall lifespan that payments will be made for the particular illness or injury. What are the time and/or age limits associated with the policy in question? Most policies replace income up to age 65, but each has a staggered matrix for the number of years benefits are paid.

Is Income Protection Right For Me
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Private Income Protection
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Income Protection Saved My Skin
Then my wife told me to relax and reminded me about the income protection plan I had. It had slipped...
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What Is Income Protection
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Finding An Income Protection Company
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Why Should I Have Income Protection
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Arranging Income Protection
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Income Protection Is Important
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