8 tips for buying income protection

Here are 8 things you should watch out for when buying an income protection policy. How do you ensure you get the right one? Talk to a good independent financial adviser.

Check your current entitlements - from your employer on your entitlement to any social welfare benefits.
Check the deferred period - this is the "waiting time" before benefits kick in.
Check the claims payment record of your chosen company - that's when you need them!
Check you have the right amount of cover relative to your income. It is possible to be over-insured.
Check the premium - is it guaranteed for the life of the policy or not
Check the premium rate - is it competitive? Ask a financial adviser which has agencies with all income protection providers to check this.
Disclose all medical details at the point of sale. Not doing so could invalidate your claim
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