Income Protection Insurance - Premium Costs

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Premium Costs

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Income Protection Insurance premiums are calculated based on a number of factors such as your age, occupation and amount/level of cover that you choose. However, premiums that you may have originally seen advertised or were quoted can increase considerably once you have been examined by an underwriter.

Underwriters know that workers in some fields of work are more likely to claim than those in other fields. For example, roofers may be required to pay four times the standard headline rate to reflect the higher risk of personal injury than the average worker.

When applying for Income Protection Insurance, you will need to select a deferment period, which is usually 4, 8, 13, 26 or 52 weeks, and represents the amount of time that you will need to be off work before you can make a claim. The general rule is that the longer the deferment period is the cheaper the premium will be.

Factors that can have a major impact on premiums include:

• Your age
• Your sex
• Your health
• Your occupation
• Your lifestyle and hobbies

Other factors that affect premiums include the amount of monthly cover you choose, the length of the cover period and your choice of insurance company - the company with the cheapest premiums do not necessarily offer the best value.

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