How much does income protection insurance cost?
There are a number of factors which can affect the cost of your income protection policy. These include:
- Your age
- The deferred/waiting and benefit period you choose
- The amount of cover you choose (see below)
- Whether you’re a smoker, or have smoked in the past
- Your health (including the current state of your health, your weight, and your family medical history)
- Your job – some professions carry more risks than others which could increase your premiums
The amount of cover you need will depend on various factors, such as:
- Your regular outgoings/bills
- Your salary/monthly pay
- Your mortgage or rent
- Your childcare costs if applicable
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