8 Major Income Protection Myths Debunked

Insurance products aren't the simplest of things to know and income protection insurance is not any exception. With cumbersome key facts booklets and therefore the media citing stories of context-specific consumer-insurer battles, it's no surprise that a lot of people misunderstand exactly what it's and what it specifically offers. Outlined here are eight major protection myths demystified, in order that next time you hear something about income protection, you will be ready to separate fact from fiction.

 Myth 1: It doesn't disburse

In fact, last year within the UK, insurance providers paid out over 90% of successful claims. If you are still unconvinced and need to countercheck specific insurer payout rates, most of them now provide easily-accessible claim statistics on their websites.

 Myth 2: It's too expensive

This myth is only subjective. If you were a smoker a really "> during a high risk job and wanted a very high level of canopy , your premiums would, of course, be costly. For the bulk however, income protection is affordable and may cost as little as 30p per day. If you would like significantly lower income protection insurance quotes, consider buying through a commission free broker or by extending your deferral period - the quantity of your time between a claim being made and therefore the money being paid out. Premium rates are calculated supported your age, health, smoker or non-smoker and occupation, so if you're serious about cutting the prices of premiums, it's going to even be beneficial to adopt a healthier lifestyle.

 Myth 3: it is a waste of cash 

When it involves ill-health and injury, people can feel a way of invulnerability, then it's only too easy to ascertain how this type of myth circulates. But ask anyone who's used their income protection policy, and they'll be the primary to debunk this notion. If you were unable to figure thanks to illness or injury, the monthly instalments provided by income protection could become invaluable, affording reassurance that bills, loan repayments, and the other expenses could still be financed during some time off work

. Myth 4: it is not necessary if you receive benefits

 Statutory wage and other benefits tend to pay no quite £400 a month, which for many , wouldn't cover the rent or mortgage. An income policy however, would ante up to 75% of your usual income, comfortably covering the prices of your living. Some employers will provide a more comprehensive benefit than statutory wage . Therefore, it is vital to see if this applicable; as this might mean that your deferral period are often extended which may , in turn, lower premiums.

 Myth 5: it is the same as PPI 

Although they'll sound similar, income protection and payment protection insurance (PPI) aren't an equivalent products. PPI insures a selected loan repayment, whereas income protection is meant to hide some of your income. If you found yourself unable to satisfy your mortgage repayments thanks to unhealthiness , PPI would get on hand for this, but what about all the opposite inevitable expenses? this is often where income protection comes in.

 Myth 6: it isn't necessary if you've got critical illness cover 

Whilst critical illness insurance is vital , unlike income protection, it might not disburse if you were unable to figure thanks to injury or if you developed a non-critical illness. For this reason, income insurance could also be worth considering along side critical illness cover, as this is able to cover a wider range of eventualities.

 Myth 7: it isn't for you if you're self-employed 

Self-employed people can get income protection insurance, but be prepared to supply the relevant documentation. If you're self-employed, your income could also be more variable, so it might be beneficial to regularly review your policy to make sure that you're covered for the quantity of cash you need . 

Myth 8: It takes too long to use 

Whilst this might are true within the days of dial-up-internet and telephone brokers, because of user-friendly websites, it's now easier than ever to look , compare and buy income protection policies. If you're curious about buying Income protection and need the simplest deal possible, think about using a commission free broker like Best Price FS to match income protection insurance quotes.

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