Why you should consider PPI
Income protection insurance can protect up to approximately 70% of your gross salary whether you choose short or long term protection if you are disabled because of an accident or illness. If you have short-term PPI unemployment coverage can be included so that you are covered in the event to you are laid off from your job.
We always make sure our cars and home are covered however we never think about protecting our main source of income, our jobs. Taking into consideration the level of government support that is available and fewer and fewer employers are offering benefits especially sick pay having an income protection policy is now more important than ever before.
Before choosing Payment Protection Insurance or PPI be sure that it covers your particular occupation and that the policy also covers any type of medical condition that would prevent you from continuing with the main duties of your job. This means finding a PPI policy that will cover conditions, for example, back pain or depression in addition to covering accidents and terminal diseases.
Should the time come when you have an illness or injury that prevents you from working and you need to file a claim, your PPI will begin paying you a monthly sum after your deferred period which is usually 90 days. The policy will continue to pay you every month until you return to work or have reached the PPI deadline or limits of the policy.
If you are considering PPI and want to know what the premiums would be they vary according to PPI carriers and several other factors such as :
- The monthly benefit per month. The more you want to have insured every month the higher the premium will be.
- The deferred period or the length of time you have to be off due to accident or illness.
- The length of time the policy runs will increases the amount of premium that is charged.
- The age of the person insured. The older you are when you get PPI the greater the changes you will need to make a claim.
- If you are a smoke the greater the chances of illness so a higher premium is charged.
If you would like to know how much PPI would be for you go online and get a quote from a PPI carrier. Be sure to get a few different quotes so you can compare which carrier is right for you.