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Premium protection benefit

This benefit is available on just about every life insurance policy but what is it and do you need it?

This is just an additional benefit available on most life insurance contracts today.

It generally costs about 1% to 2% of the premium which in most cases is less than a couple of pounds.

basically all it does is ensures that the premiums to the plan are met in the event of sickness, accident or disability.

How it works is if you have this as a benefit in the event you are unable to work for more than about three to six months (differs from contract to contract) due to sickness accident or disability and your doctor has signed you off the life insurance company will start paying the premiums to the plan on your behalf.

They will continue to do this either until you return to work, you retire or your doctor says you are fit to return to work.

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Please note this benefit does not cover for redundancy. In addition it will only make the payments on the life insurance contract it will not cover the payments on your mortgage or anything else.

For cover that protects additional expenditure such as your mortgage you should be looking at 
Mortgage Payment Protection

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