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Six Vital Factors Influencing Cost of Income Protection Plan


Among all insurance policies readily available for contributing to your peaceful life, income protection has managed to attain most recognition. It replaces at least 75% of your monthly salary so that you could meet a wide range of requirements such as medical statements, educational loans, electricity bills, groceries, etc. without hassle even when not you are earning due to injury or illness. Now isn’t that absolutely amazing? In this particular write-up, I have chalked down varied factors upon which cost of income protection depends. Please do buy some time and check them out right away. 

  • Age- 
According to top-notch providers offering income protection plan in South Africa for an affordable price, older people are generally more prone to getting hurt or sick because unfortunately their bodies are not powerful enough to fight against adversities. This could impact premium to a great extent. 
  • Gender- 
Insurers perceive women as someone who would leave job or at least take a break from working more frequently than men due to pregnancy and postpartum care. They are also subjected to different health complications during childbirth so premiums are usually much high. 
  • Pre-existing and Current Ailments- 
Any ailment that you might have suffered from previously would compel overall cost of income protection to escalate because insurers believe that it might relapse again. 

An illness or wound you have experienced in recent times and for which you are still undergoing treatment would most certainly be taken into account. Normally it would mean a stipulated time period before benefits could be applied.
  • Lifestyle Choice-
Costs of income protection insurance policy would naturally increase in case a person leads an extremely rough lifestyle and participate in different activities such as paragliding, base jumping, scuba diving, running of bulls, etc., which pose risk to their entire existence.
  • Occupation-
Your duties and job description would also affect premium along with waiting period for receiving benefits. The more dangerous the work is, the more money you are required to pay. 
  • Smoking- 
Renowned professionals determining insurance quotes in SA or South Africa has said that chain-smokers would have to pay much more as they are at a risk of suffering from conditions like lung cancer, cardiovascular issues, chronic obstructive pulmonary disease (COPD), acute bronchitis, etc. However, if you have got rid of this habit and not smoked for a year continuously, an agent would consider you a non-smoker. 

Now that you are thoroughly acquainted with one of the most important aspects of income protection, please invest in it without further hesitation. While there is plenty options, you must conduct comprehensive research, seek specialized recommendations, and choose a company with credible reputation, financial strength, as well as capability to offer appropriate coverage for all your professional and personal necessities. 

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