How much does Income Protection Cost?
In short not a lot of money when you think about it. However, like any insurance a policy the cost doesn’t come at a standardised price. So how do we figure out the price that you pay? Well, an income protection policy takes in to account a wide variety of factors to come to a monthly or annual fee which caters for individual needs.
So, let’s put it in to perspective. The cost of a policy will vary based on a number of factors which include:
If you are a smoker?
Income percentage covered
The waiting period intended before the policy is expected to pay out
Your current health
Medical Family History
Income protection insurance is also important because it could cover a wide range of illnesses and situations and has the potential for you to make claims for many years. There are also options for short term income protection which can be purchased.
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