Product Description
When you carry income insurance you will be taken care of in the event of an illness or accident temporarily keeping you from working. The benefits can pay up to sixty percent of your gross wages if you have a health related issue but obviously this depends on the individual policy. There are some policies that include rehabilitation for an extended injury or illness. Extra time in a hospital could add some extra benefits with some policies.

Main Players
The number of insurance providers that offer income insurance is very limited and the main player by far is British Insurance. Other providers, such as Life Search and Paymentcare, offer payment protection insurance which is a very similar product and makes a good substitution.

Pros of Income Insurance

• The peace of mind of knowing that should something happen you can still pay the important bills.
• Can pay up to sixty percent of you gross wages with the right policy.
• May mean that you can spend more time in rehabilitation should you need it.

Cons of Income Insurance

• Income insurance is the type of insurance you may never use and so it could turn out to be a waste of money.
• You don’t get refunds or rebates on the following year for unused claims.

Things to Consider When Choosing a Provider
Companies that offer income insurance should have several plans on offer. You will want to question a perspective company about what their policies cover, how well they pay out claims and if any claims are denied. If certain carriers always tend to deny a particular type of claim you might want to look for a different income insurance company – just in case you need to make a similar claim in the future.

Be sure you are clear when you contact a provider that you want the more inclusive income insurance and not just critical illness insurance. You should also ask if you can defer the start of your benefits until the compensation you get from your employer runs out; this can stretch out the amount of time you will get your money.
Should you change your lifestyle the company that you have your income insurance with should be able to adopt your policy accordingly. You may decide to take time off to travel or to retrain for a new job, which may mean going back to college. While you are doing this your policy should be reduced until you go back to working regularly. If your income insurance is with a good provider you should have the option to customise your plan in many ways.

BUYability Summary
Challenging times mean you need to be prepared for anything. When you could lose your income due to illness or injury, having an income insurance policy will mean the difference between weathering the storm in a positive way or being on a sinking ship. Purchasing income insurance will have you recuperating without worries. Saying that though, it may be that you never have need to use the policy in which case it can be wasted money.