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Income Protection Insurance

  • Buy income protection insurance as soon as possible. The longer you leave it, the greater the chance that you will develop a condition that increases the premium, is excluded from the policy, or prohibits you from buying the insurance at all.
  • Income protection insurance becomes gradually more expensive as you get older. Consider a level premium option where the premium won't increase each year on the basis of your age - but ensure that you don't lose the CPI benefit.
  • Income protection insurance cover can be relatively expensive and complicated. Seek the assistance of an adviser. Have them walk you through the policy wording.
  • Every policy is different. Ask your adviser how your policy compares with other leading policy choices. Your adviser should understand what is important to your particular needs.
  • As with all insurances, there are big differences in the cost of the various policies in the market. Use an independent adviser who has access to a range of policy options.