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Tips to save on Income Protection Premiums

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Tips to save on Income Protection Premiums

 

With regard to Protecting your Income, some cover is better than no cover, it is important to understand that reducing premiums will most likely reduce the level of cover –

 

  1. Check out the Price match that companies are offering based on occupation class.
  2. Deferred Period is known as the period of time from when you last were unable to work, due to illness or accident and when you start receiving an income from your policy. The longer this deferred period is, the cheaper the premiums will be. Before reducing the premium it would be important to have discussed your options with a Financial Broker.
  3. Decrease the level of Income provided. It would be important to have as much of your income covered so that you don’t have to suffer a loss of income if you are off work. The highest level of cover will make the premiums very expensive. If premiums are too high, try bringing down the amount you are insured for and only cover what is necessary.  Reducing the income required will make a difference to your premiums.
  4. Reduce the term of your policy. You can also reduce the actual term of your policy. Ideally an income protection policy will continue covering your income until retirement but if you reduce the period down then this will reduce the policy premiums.
  5. Start your Income Protection Policy Now. The sooner you start an Income Protection policy the cheaper the premiums will be.
  6. Cover up to 75% of your annual salary.
  7. You are eligible for income tax relief at  your marginal rate of tax

 

You can Get in touch with Audrey by scheduling a callback at a time that suits you. Alternatively, if you are in a hurry get a Quick Quote now.

 

 

 

 

 

 

 

 

 

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