|
Win better rates on income protection payment insurance! It is often said that independent income payment policy bought from an independent specialist is considered the ideal policy. Did you wonder why? This is because you are getting a policy directly from a mortgage seller or an payment protection specialist. It is however advisable to reach out to approach a financial advisor to find out what are the competitive quote available in the insurance market in UK. Remember, that this policy will not be applicable under certain circumstances such as: If you are a business man who is self employed or any other work profile you may hold where in you are not paid by an employer such as a freelance jobs for clients etc. this is not covered under income protection. Even a contract employee or one who is under training will also not be considered. Being an employee for more than six months is considered. If you have any prior medical condition, this sickness cover will not be applicable. No claims can be made if you have a history of pre existing medical condition. If your company has publicly announced that you would be made redundant this will not be accepted by the insurance company. In case, the announcement made was private and confidential then you will be eligible for a compensation form the insurance company. Any one above age 64 will not be eligible or if they hold a policy and they are getting pension then no claims can be made. You can cancel for any reason during the initial 30 day cooling off period and after that by giving 14 days notice in writing to the administrator. Equally insurers can cancel by giving you 90 days notice in writing to your last known address. Owning your own policy gives you the right to control and assign the proceeds to whomever you wish, transfer the policy to another loan, or add another loan to it and to convert the policy if your mortgage is paid off. The bank policy cancels the mortgage giving you no options, which is dangerous, especially if you are uninsurable at the time. Most of these Accident, Sickness and Unemployment policies are purchased by those who think they may struggle with maintaining certain repayments in the event that they are unable to work for a period of time due to sickness, accident or involuntary unemployment. Shourya Ray Chaudhuri, Ezine Articles Expert Author.For more information: Income Protection Insurance
Get more information: Payment Protection
Related Articles -
payment protection insurance, loan protection insurance, redundancy insurance, credit card payment protection insurance,
| 
