Should I review my existing income protection?

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?

Question asked by Michael Barnes
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Answered by Andrew Jenkinson

The importance of reviewing your arrangements as your circumstances change

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 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.

Why review your income protection…

Income protection insurance 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.

Change in your circumstances

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 during difficult times.

Speak to an expert

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 0208 432 7333 or get started with an instant online income protection quote.

income protection
 
PPI
 
self employed
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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