What is accident and sickness insurance?
Question asked by Sally Miles
I have an existing Income Protection plan which I took out with my bank when I set up my mortgage. I have had it about 6 years and was wondering whether this is something I should review periodically?
With any protection insurance policy you should continue to review your existing arrangements as your personal circumstances change over time.
Given your policy was taken out through your bank your first port of call should be to check that it is indeed Income Protection which you have in place and not Payment Protection Insurance (PPI), see guide ‘Don’t confuse Income Protection and PPI’. It may well be the case that the policy is not suitable for your needs and/or is not competitively priced.
Income Protection is one of the most important plans to continually review as the policy is dependent upon your earnings and any sick pay/savings you may have access to should you be out of work. This is even more important for self employed individuals whose earnings tend to fluctuate more than individuals who are employed.
Should you receive a pay rise, increase your mortgage, change jobs or have a child you may need to review your existing Income Protection to ensure you would receive an adequate level of benefit and to make sure your deferred period aligns with your sick pay entitlement and any savings you may be able to access.
Being whole of market independent insurance experts if you would like us to do a full market review to ensure you have a product which fits your needs and is competitively priced then please do not hesitate to give us a call on 02084327333 or get started with an instant online Income Protection quote.