Don’t wait until you need Income Payment Protection   

Many people do not think about the consequences of what will happen if they lost their income through accident, sickness or unemployment.

The first time they think about it is when they are told of impending unemployment and by that time it is usually too late to obtain cover for that period of unemployment.

All payment protection insurances contain unemployment exclusion periods and these can vary from insurer to insurer which means that any claims made for unemployment within that period of days would most likely be excluded as will claims made where unemployment was impending at the time the customer joined the scheme.

If consumers wait until they know they will need income protection insurance (or a similar payment protection product), it will be too late, so if you think the cover is a good idea, don't wait.