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The field of insurance is an extremely competitive marketplace, and different
insurers offer a diversity of products and policies, all with different names
and optional extras. Here we will try to give you an idea of the basic types of
UK income protection policies that you might come across, their purposes, and
their use to you. The main types of policy are unemployment
and disability cover, but there are other optional extras that can help you
to tailor your policy to your individual needs. Follow the links below to learn
about the special types of income protection insurance that you can procure.
A word on 'no claims bonus'
Some insurance companies will take your claims history into account when calculating
your premiums, though this is less common with income protection than it is with
other types of insurance. Your no claims bonus is calculated according to the
number of claim-free years that you have had with your income protection insurance
policy. Your no claims bonus can help to reduce your premiums.
Remember, every insurance company is different and offers
a unique product range and optional extras. If you have particular needs or are
confused by a product on offer then speak to a representative from the insurance
company and discuss your requirements or ask for clarification.
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