Not everyone considers this question. The assumption is that one income protection policy is the same as the next one. Not so, is the quick answer here.
Policies differ in what they offer and the health conditions they allow.
Are pre-existing conditions included?
An income protection policy may not pay out for a pre-existing condition. Not great when your bad back comes back to haunt you. If you have a pre-existing condition that flares up from time to time, then you will need cover.
Do not forget to declare it on the application form.
Does the policy cover mental illness?
Is mental illness on the list? Mental illness can strike at any time, and often the stress of work makes it worse. Enduring depression and post-natal depression will stop you from working.
Make sure you are covered for mental illness.
How about serious illness cover?
Yes, every policy will cover serious illness, but what do they mean by it? Is there a list of illness types allowed under the policy? Long-term illness can be very debilitating and have you unable to work.
Income protection insurance is regulated by the Central Bank but still check the cover for all possibilities