Why It’s Important Your Insurer Pays Out Quickly

Why It’s Important Your Insurer Pays Out Quickly

Income protection insurance is a great way to protect yourself from the unexpected but the most important part of any Income Protection policy is getting your hands on your money when you need it most.

2011 continued to see the tough economic climate continue with the cost of living rising. And some might say 2012 isn’t looking much brighter. This is a big worry for self-employed professionals as their income solely relies on their ability to work and falling ill means no money. However, don’t despair! This is where income protection insurance comes in as it helps self-employed professionals keep afloat if they do unfortunately fall ill.

Income protection insurance is there to help self-employed professionals by providing a regular income if illness or accident strikes. It can cover a wide range of conditions and provides an income until you return to work.

Ensuring you have an income protection insurance policy in place is the first step to securing your finances, but it’s important this policy is built on sound foundations and from a company who will settle your claim quickly.

Why is settling the claim as quickly as possible important? Well, your bills don’t stop coming in just because you are ill. The money you receive will help you to keep afloat and go towards your mortgage/rent and everyday bills.

Receiving your money quickly can also minimise worries as you won’t need to wait a long time to find out when the next amount of income will be coming in. By settling your claim quickly and receiving the money straight away, you can have peace of mind your bills will be paid and hopefully return to full health as quickly as possible.

Some insurers offer immediate payment so look out for this when shopping around for your income protection plan.

When you purchase your income protection, take into account these top 3 tips:

1. Claims, claims, claims – Ask the company for their claims history. Always look at this figure as a good company usually pays over 90%,

2. Time is money – Ask the provider how long the majority of their customers have waited before receiving payment. This is especially important to self-employed people as your bills don’t stop coming just because you’re ill,

3. Policy details – check the policy fits your circumstances. For example, if you don’t have any savings to fall back on and you want to receive an immediate income, ask for a plan that doesn’t involve a deferment period
If there is anything else academically that Christian Beadles likes is to write. He is considered to be a great writer, especially great at writing essays. He learned and developed the love of essay writing through his private schooling, which he did mostly in his spare time with the help of family.
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