Income Protection Insurance Quotes

• This is the monthly insurance benefit amount for which you want to cover yourself. The more cover you require, the more expensive the income insurance quote will be.

• To compare disability insurance quotes you should give due consideration to the maximum period for which you can be paid in the event of a claim under a policy.

• Some insurance policies will pay a replacement income for a maximum of only one or two years whilst other policies can pay an indexed benefit each month until age 65 or even for a lifetime.

• Many policies even offer different benefit payment periods depending on whether the claim is as a result of a sickness or injury.

• It is important to discuss your situation with an adviser to get appropriate advice when obtaining your quotes as these variants can have a large influence on the insurance cost price.

3. Benefit Deferment Period:

• Income protection quotes should stipulate the "excess" or "benefit deferment period" ... i.e. the amount of time you will have to wait after you become disabled through sickness or injury under the terms of the policy. Income protection quotes are typically offered with benefit deferment periods of 14 or 30 days. Considerable savings may be made by taking a longer deferment.

• A common strategy is to take a policy with a longer deferment period (e.g. 3 months) in order to obtain a longer benefit payment period at a reasonable price.

• You should seek advice on options available and how you can select the right combination of income benefit, payment period and deferment period to meet your personal objectives when obtaining your income protection quotes.