Lifestyle Protection Insurance - What is It?

Lifestyle Insurance is fairly new on the market and is a virtually identical product to Income Payment Protection Insurance. It is called Lifestyle Protection Insurance because that is what it is; basically it allows you to protect your lifestyle should accident, sickness or unemployment cause you to lose your income by paying you up to 12 or 18 months consecutive monthly instalments. The amount you can take out depends on your income. Some policies can pay out as much as £3000 per month.

Lifestyle protection is a policy that should be taken out when you do not need it. This is because all lifestyle protection policies have an "exclusion clause"; this is a set period of time from the start date of the policy and within this time you cannot be notified of impending redundancy or you will not be able to claim.

So choosing and buying your cover is important that it be done while you are safely employed or in good health.

It is important to shop around for the best premium rate and the best policy. All policies vary, some will allow you to cover yourself if you are self employed and some will not, some have short exclusion periods and others not so reading and fully understanding the Terms and Conditions of the policy is extremely important.

Mortgage protection insurance is one of the options within Lifestyle Protection Insurance providers will allow you to protect your mortgage payments for up to the number of months you sign up for, per claim. The policy is not confined to mortgage holders but can be taken by those who rent their homes as well, so it can be more flexible than traditional mortgage insurance policies.

Lifestyle Protection Insurance is an extremely valuable and worthwhile policy that will keep your lifestyle intact during those crucial months following a sudden loss of income but choose wisely so that it will pay out when you need it.

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