Katie from @thepennymix and I discussed all things income protection in this podcast episode.
This is a product that I had absolutely no knowledge on, so I spent twenty minutes firing questions at Katie!
If you also have no knowledge of income protection then this podcast episode is the perfect beginners guide.
Firstly, we discussed what income protection actually is. I mistakenly assumed that it was only necessary for older people, however Katie made it clear that income protection is important no matter what age you are as we never know what could happen.
We then moved onto talk about how it works in practice, when a claim would begin and then stop, whether a claim would affect your premium going forward, as well as the fees/premiums that would be involved in an income protection policy. I then asked Katie about the providers that offer income protection and how the fees/premiums differ between small and large providers.
Katie shared some crazy stats - one being that the average claim is seven years!
Listen to the full podcast episode to increase your education on income protection.
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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.
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