The cost of Income Protection Insurance is determined by several factors. These include your age, gender, health, occupation, and monthly income. People working in a largely manual occupation could expect to pay a higher monthly premium. This also applies to older individuals, and anyone with a high monthly income.
Age, gender, and occupation influence risk, and your monthly income can dictate how much cover you’d require when making a benefit claim. As mentioned, your health is a key factor in acquiring Income Protection Insurance.
For example, simply being overweight could result in paying a higher premium, or even prevent you from getting your cover approved. As with most health related insurance products, it’s important to get cover while you’re young and healthy.
Please note this information is general advice only and does not take into account your needs, objectives or personal circumstances.