19 Aug How to Decide on Income Protection Premium
Most people choose cheap income protection based on the premiums that are charged and this is certainly an important part of choosing cheap income protection insurance. After all, if you cannot afford the premiums you simply won’t be able to keep up those payments and so what you have paid formerly will simply be wasted.
The best way to find cheap premiums is to do your research on the Internet and compare income protection quotes from various sources. You don’t necessarily have to chose the absolute cheapest income protection quote, but pick out several of the cheaper ones and then do your comparison to find out which ones offer the best benefits, or benefits that are applicable to your specific situation.
There are numerous income protection products on the market and all differ slightly in what they offer, the optional benefits and other important elements. Since many people have different needs, there is sure to be one that suits better than the others.
Of course, there is one way to make sure you pay cheap premiums for your income protection insurance and that is by choosing a longer waiting period. By extending the waiting period you will not get started on payments for a longer time, but his might not matter to you if you can access sickness benefits or long service leave.
Other factors that will affect the cost of your premiums are your age and occupation, whether you smoke or not, your state of health and whether you suffer from any ongoing problems and even your gender. You may be able to lower the cost of your premiums if you stop smoking or change from a dangerous occupation such as construction to one that is considered less dangerous, such as office work or training.
No matter what policy you choose, you should always read the fine print thoroughly and make sure you understand it all before you sign up.