What Factors Affect the Cost?
As with any type of insurance, different factors about the individual affect how high their premiums are.
People with higher risk occupations can expect to pay more than those with jobs that require little manual labor.
Health factors play a role, too. Obviously, someone who smokes is going to have a higher premium than a non-smoker.
Unlike life insurance, women pay more than men for income protection. Women statistically are at higher risk to develop illnesses even though they generally live longer than men do.
Lastly, older people will pay more for income protection insurance than those who are younger.
No one likes to think of their lives taking a turn for the worst. However, it’s better to face that fear and be prepared than to ignore it and regret not taking action sooner. It all goes back to the old saying; better safe than sorry.