Income protection, or mortgage cover, like all other types of insurance, consists of a number of different policies which you can choose from, and which one you pick entirely depends upon your own preferences and situation. The three main types of income protection policies offered by reputable insurers like Endsleigh are guaranteed, age related and reviewable.
Guaranteed income protection policies mean in their simplest terms that the amount you pay stays the same throughout the life of the policy. The only way that the premium will go up on a guaranteed policy is if you raise the level of cover. These tend to be slightly more expensive policies but they can be worth while in the long run if you can afford the bit extra.
Reviewable policies are just that, they are reviewed by the insurance company after a set number of years, this tends to be a five year period. When the policy is reviewed it is possible for the premium you pay to go up however they tend to start off cheaper than any guaranteed policy.
Age related policies tend to be good for people with high risk jobs or for women and smokers, this is because these types of factors are not always taken in to account when the insurance companies decide the premium costs. These age related policies tend to start off cheaper than both guaranteed and reviewable policies however the premiums for these go up each year as you get older.
The cost of income protection insurance policies can vary greatly and tends to be based upon certain factors. This may include your gender, often women tend to pay higher premiums than men, your occupation, if you are deemed to have a high risk job your premiums will be high, your general state of health and whether you smoke. The level of cover you require will also affect the rate of the premium that you pay.