Income protection is a rather handy protection tool in todays work. Paying an amount of money in any event ill and cant not do your occupation (confirmed by our GP) Income protection is like our own sick pay!
Many of the Life Insurance companies provide Income protection as they recognise its not just the critical illnesses or passing away which can effect families. However, the monthly price for income protection differs provider to provider and how it actual defends us. This is along with the different application process and end terms all depending on our health, family health and occupation to name a few factors.
To make this event more “interesting” the terms and conditions of the income protection can change and upgrade every now and again giving better performance for the families.
Its worth while reviewing our life insurance, critical illness and income protection from time to time to make sure we are protected and not leaving a gap in the event.
To reinforce this British Friendly have made some changes to their Income protection like:
1) We can increase the amount of income protection mid term (as long as you are not at the maximum)
2) We can decrease the amount of income protection mid term
3) We can decrease the number of years the protection is in force or duration of you income being protected
4) Change your occupation type
5) Alter the time it take to receive funds in the event of claim. Income protection has a “deferment period” the delay from ill to cash in the bank
By reviewing our protection we can not only save money on the Income protection but make sure is we are ill the money is available when we need it without being a financial burden when we are fit and healthy.
Get in touch with Golden Rock Solutions for Free information on relevant Income protection and protection solutions for your family. After all everyone gets ill nobody likes to pay for it!