Income protection reviews

Your ability to generate income is your biggest financial asset. Having Income Protection Insurance is a start, but it's important to be satisfied that you're not under insured, which is why regular income protection reviews are so important.

In the event of a medical emergency requiring many months off work, you will be relying on your income protection to take the financial stress out of the situation. However, if you have not regularly reviewed your income protection cover, you could well find yourself under insured and unable to meet even the basic costs of living during your recovery. This will only add further stress to your situation, possibly impeding your recovery and causing even more worry for your family.

Income protection reviews: avoid under insurance

Therefore, it's a good idea to get into the habit of reviewing the benefits payable under your income protection policy at annual renewal time, and again following life changes such as promotions and new jobs. You may even like to compare income protection insurance quotes to make sure your premiums are competitive. If you get into that routine it will help to ensure that, should the worst happen, you will not be under insured.

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April 2011