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In an ideal world, everyone would be healthy and safe. There would be no early deaths, no bad accidents and no one would get sick. Your family would be able to carry on as always without worry. Unfortunately, our world is just not like this. Everyone gets hurt at some point, you get sick, and sometimes the worst can happen. Due to reality, it's important that you insure and protect yourself with income protection insurance in the interest of your family’s financial security.

You can choose from two types of income insurance that will protect your income in case you are unable to work. Non-cancellable is the first option. This type gives the holder premiums guaranteed for the level of the contract unless the benefits are increased. Guaranteed renewable is the other type. With this option the insurance company reserves the right to raise the premiums if they see an increase in the amount of claims.

What type of income protection insurance should you get? First, take a look at your occupation. Do you work in a high risk environment? If so, some insurance companies take this into consideration when quoting your rates. Do you like to do participate in dangerous sports like mountain climbing or sky diving? Again, these activities may increase your premiums. So you will probably have to do some shopping around depending on your work and your lifestyle. Of course, if you sit behind a desk at work and read during your spare time, your premiums will no doubt be much lower.

Another factor to look at is what you get paid at work. Also, what amount do you actually need to cover your family’s expenses? It will help to work out a budget to calculate the expenses for your family. Make sure to include everything, even funds for schooling. If you feel you need 70 to 100 percent of your gross income for your family, then it will be a bit tougher to get coverage. Again, you will need to do some homework and make sure you get the proper coverage for your family for food and everything else they need.

Your medical history may be looked at by the insurance company. Any past or present conditions, such as diabetes, heart disease and cancer, are noted and might be considered when presenting their quote. Some past problems could even be labeled as a pre-existing condition and, if severe enough, could cause the insurance company to deny coverage.

Along with the previously discussed factors, your age, gender and where you live are also used to calculate your insurance options and premiums. No one thinks about losing their income and then one day it happens. The important first step to protecting your family is to get a quote with a trusted insurance company to find out what you qualify for. Once you find a company that you feel comfortable with and you feel good about the income protection insurance coverage that they will provide, secure the policy and have a peace of mind. The premiums you pay could one day prove to be life saving for your family.