subject: Feel Secured: Income Protection Insurance Guide [print this page] This income protection insurance guide doesn't just elaborate on important information related to income protection plans for sale but additionally regarding how to select a good plan so you you are protected once you cannot work because of health reasons.
While buying income protection insurance, buyers should keep 4 important things in mind. The first thing is that before getting the first payment from the insurance company, the policy holder will have to wait for a few days or weeks. The second thing to remember is that this waiting period can be adjusted if the buyer has opted for a good policy. The third thing to remember is that there are two types of contracts offered to buyers and indemnity contracts are cheaper where as agreed value contracts are considered superior. The fourth thing to remember is that the benefit period is not the same as the tenure of the contract and buyers should opt for a longer benefit period as far as possible.
Most buyers confuse good plans for cheap plans and believe that if a plan is cheap then it must be good. Contrary to this popular belief, good plans are usually not very cheap since good plans offer many benefits that ensure that the policy holder and his immediate family are protected when they are financially vulnerable. Good plans are flexible which means that the policy holder can change the terms up to an extent to suit his own requirements. For instance, good plans allow buyers to choose the waiting period, type of contract and benefit period at the time of buying a policy. Cheaper plans on the other hand do not offer some of these benefits.
Income protection insurance is not very costly and a good plan can be purchased for just a few dollars every month. Buyers who want to get good plan but do not want to spend too much money on insurance should consider doing two things that are, comparing insurance plans before purchasing and looking for a reputed agent who can offer good plans for a reduced price.
Remember, before buying insurance plans, you should consider reading other income protection insurance guides as well so that you can make an informed decision and get an insurance plan that is ideal for you and your family. Majority of the guides available on the internet are free and do not cost anything to read or download.
by: Brent Ford
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