Income Protection Insurance (IPI) will allow you to maintain your regular family expenses even you are critically injured and ill over the period. The cost of income protection policy can vary based on some factors including type of policy, duration of policy, age of the policy holders, occupation and health condition of policy holder and so forth. Let’s find what factors can increase or decrease the cost of income protection insurance policy.

Factors that can affect the cost of income protection insurance policy:

There are multiple factors that can affect the approximate cost of income protection insurance policy such as

• The amount of money that you want to cover your regular family expenses. It has significant effect on the cost of income protection insurance policy. The bigger is the amount, the higher is the cost of income protection insurance.
• Length of policy is another crucial determiner of income protection insurance policy cost. You have to choose a time frame to purchase the insurance policy from an insurance company. The longer is the period, the bigger is the premium over the income protection insurance policy.
• Waiting period is a well-known term in the income protection insurance policy. It affects the cost of income protection insurance.
• Occupation is another key factor that affects the overall cost of the income protection insurance policy. If your occupation is secure, the income protection insurance policy can cost less amount of money.
• The cost of income protection insurance is also dependent on the age of policy holders. The older you are the higher premium you have to pay over the insurance policy. Insurance company emphasizes on the age of policy holders to determine the rate of premium.
• Health condition of policy holders plays an important role to determine the cost of income protection insurance policy. The healthier you are the lower premiums are for you.

Note: The terms and conditions of income protection policy costs can vary from one insurance company to another.