How Long Before I Receive My Income Protection Insurance Payments?

If you have purchased xLife income protection insuranceand have been injured, or have suffered an illness that left you incapacitated, then you are more than likely waiting for you payments to begin. This can be an anxious time, because you are worried about paying your bills, and providing food for your family.

When you purchased your policy you should have been given the choice of how long you wanted your period of deferment to be. The agent wanted you to access how long you thought you could live on your savings, or other money you may have, before you would need the policy payments

The deferment period is generally never less than one month after the person becomes incapacitated, and is usually not longer than one year after they become incapacitated. The longer the amount of deferment will allow you to have lower premiums, like when you set a higher deductible on your car insurance.

You need to truly consider how long your family would be able to make ends meet without your salary, and without the payment from the policy. Then you can realistically set the deferment period for the longest amount of time. Do not make the time period longer than your family can stand, because once you are incapacitated you will not be able to change the deferment period.