Articles About Finance And Refinancing

Do Not Confuse Income Payment Protection With Income Protection Insurance

When looking to take out insurance to safeguard your income against becoming unemployed or being incapacitated it is essential that you know which policy you need. There are two very similar forms of cover, income payment protection and income protection insurance.

In this case the type of policy you should be looking for is income payment protection. This policy can be taken out for a premium that allows you to insure up to a certain amount of your own income. If you lost your job due to redundancy, if you should become ill or suffer an accident, you would be able to claim on the policy. The cover would allow you the luxury of being able to keep up with all of your essential payments each month.

You would not have to struggle to find the money to pay your mortgage, therefore there would be no worry about having your home repossessed by the lender. Lenders can choose to take you to court and seek repossession if you cannot make an agreement to catch up on what you owe while at the same time continue paying the regular mortgage payment. This would mean that you would be evicted from the property.

Of course income payment protection does more than keep the roof over your head. You can also use the income you would receive to pay such as loan or credit card repayments. This would stop you from getting into debt with the lender and have your credit rating affected. If you earn a bad credit rating you will find it very hard to get credit in the future as your credit file is what all lenders take into account.

You would also have the money needed to be able to continue to pay your food bill and any other bills that come into the home on a monthly basis. You would not have to struggle or change your current lifestyle as the money would be there for you each month.

Income payment protection would begin paying out from between the 30th and the up to the 90th day with some providers. It would then continue for a period of either 12/24 months and then it would just cease. Some providers would also backdate the payment to the very first day of you becoming unemployed or of being incapacitated. Income protection insurance on the other hand is a very worthwhile policy to take out if you just want to protect against the possibility that you might become sick or suffer an illness that meant you were unable to work. It would not cover becoming unemployed. You would also have to wait a lot longer before you are able to put in a claim; however you would be able to keep claiming an income for right up to the age of retirement if the cover was needed. Policies are cheaper with a standalone specialist provider than taking out protection with the high street lender. You can also get all the information you need to ensure you make the right choice.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income payment protection.

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