- 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.