Once it took a long time to organise income protection insurance but these days it is relatively quick and easy.

Many people these days realise the need to buy income protection insurance. If you have a lot of expenses to meet and depend on that regular salary to do so, then being without it can severely impact your lifestyle. However, with income protection you will be paid around 75% of your salary if some accident or illness prevented you from working for any length of time.

When buying income protection you will naturally do your research so that you can get the best deal in premiums. You can usually get an income protection insurance quote and find out other details online to make things easier. However, it is important to fill in all the data required carefully to ensure that you get the right quote. If you accept a quote and fill out the application form with different details from what you used for the quote it will naturally be a different premium that is charged.

How do insurers work out what to charge for income protection insurance? They take several factors into consideration.

• There is your age, with the older person being charged more than a younger person.
• Occupation is a vital aspect that is taken into consideration. Certain hazardous occupations will cost higher insurance premiums, while safer ones mean a lower cost.
• Your lifestyle is also important; if you have good health, do not smoke and have safe leisure time pursuits, you can expect your insurance premiums to be on the lower side. But if you smoke and do a lot of skydiving or race cars for your hobby then expect to be charged much more when you apply for income protection.

Once, such insurance seemed to take ages to apply for and be accepted, but insurers are now working to simplify the process. It is possible to apply online and be accepted very quickly. But that is not counting how long it takes to fill out those forms. However, if you withhold certain pertinent information you are doing yourself a disservice because the insurers can refuse to pay, so go over everything carefully to ensure your forms contain all the information needed.


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