8 tips for buying income protection

Here are 8 things you should watch out for when buying an income protection policy. How do you ensure you get the right one? Talk to a good independent financial adviser.

  • Check your current entitlements – from your employer on indeed social welfare benefits.
  • Check the deferred period – this is the “waiting time” before benefits kick in.
  • Check the claims payment record of your chosen company – that’s when you need them!
  • Check you have the right amount of cover relative to your income. It is possible to be over-insured.
  • Check the premium – is it guaranteed for the life of the policy or not
  • Check the premium rate – is it competitive? Ask an independent financial adviser to check this for you.
  • Disclose all medical details at the point of sale. Not doing so could invalidate your claim
  • Get independent advice

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