Hi,
I am looking at taking out Income Protection with Friends First.
The quote I have gotten is for 'Level' Benefit/Premium described as 'The Premium and level of benefit are guaranteed not to change for the duration of the policy'. The other choices are:
Indexation: index income benefit & premiums by 3% each year or
Escalation: Income benefit will increase by 3% or 5% pa. premiums remain level.
Quote also specifies Guaranteed Premium Type. The other choice here is Reviewable Premiums where they review the premium every 5 yrs.
I'm 32 and looking to take this policy out till age 60. I'm leaning towards Escalation & Guaranteed Premium Type. Is this advisable?
Anyone any comments/suggestions re choices available?
Thanks,
DillonS.