income protection

carmel

started Jul 01, 2011 at 14:36

comment by David Kerr Jul 01, 2011 at 15:03

Hi Carmel,

Starting your search for any personal finance product can be quite daunting, especially if you need to find out what it is, and then find out which of the products being offered might suit you!

A good place to start is to ask yourself some questions about what you are trying to protect. Then do some research on some providers websites. For income protection, some providers to the Irish market include:

• Friends First
• Canada Life
• FBD
• Bank of Ireland

Once you have reviewed their products in general, you should speak to their representatives - call them up and ask them your questions. They will give you good answers.

Once you have your answers you can then start to negotiate - remember you're in the driving seat and you should make them bargain for your business.

Most importantly, be aware that Income Protection is an insurance policy. You should make sure you satisfy yourself that you are getting adequate cover for your needs - the insurer you eventually go with will provide you with a statement of fact which describes the basis against which they have prepared their quotation - make sure you read and understand it before signing up. If you are in any doubt, you should look for independent financial advice.

Good luck, and thanks for your question.

David.