Income Protection Insurance

February 26, 2012 by  
Filed under Business Insurance, General

Finding The Cheapest Income Protection Insurance

You have been offered income protection insurance with loan or credit card then you could be asking yourself – is there such as thing as cheap income protection insurance? Certainly, the cheapest income protection insurance can be found by shopping around for cover rather than being coerced in to buying it from your bank or high street lender alongside your loan, credit card or mortgage.

Research shows that going with a standalone provider and staying clear of the high street lender can more often than not save you a substantial sum of money on your premiums. A reputable standalone provider will specialise in this type of insurance and so will not only be able to offer you the cover much cheaper than the high street lenders can, but they also have experience when it comes to selling policies, meaning you are more likely to get the right policy for your circumstances.

Income protection insurance will provide you with a fixed monthly income for a stated period of time should you find yourself out of work due to an accident, long term sickness or unemployment. However the cover has to be bought wisely, otherwise you risk not being able to make a claim if you haven’t read the small print on the policy.

The income protection sector has been under fire recently and has earned itself a bad name. However, this shouldn’t put you off buying this invaluable cover. The majority at fault when it comes to the mis-selling of income protection insurance have been the high street lenders who are also noted for over charging on the premiums as well as selling policies that people haven’t got a chance of claiming on. This is why if you are thinking of taking out income protection then you would be wise to do your homework and see what is on offer.

Finally, when taking out the cover, never take it alongside a product such as a loan or credit card with the high street lender. The premiums will be sky high – as the personal finance media regularly highlights – with billions being made in profits every year from the sale of payment protection insurance. Stick with an independent specialist and you should get great advice, a quality product and the cheapest income protection insurance that is available anywhere.

income protection insurance

Protect Your Income With Income Protection Insurance

Income protection can give you peace of mind in a world where nothing is certain and the unexpected frequently happens. While we don’t like to think of the worst situation arising, sometimes it pays to give it some thought. For example, if you have monthly commitments such as a mortgage, rent, credit card or loan repayments, then considering protecting your income with income protection insurance is something that needs careful consideration.

Income protection insurance can help to safeguard your income and give you peace of mind if you should come out of work through having an accident, falling sick or becoming unemployed. The cover will protect you for a period of time by providing you with a tax-free monthly income which ensures that you can afford to meet your monthly bills such as credit card and loan repayments. Unless you have your own little nest egg on which to fall back in times such as these, then income protection should be given some serious thought.

However, when it comes to protecting your income it can be expensive depending on where you choose to take your cover from, and that it is why when it comes to saving the most on your premiums, you should shop around. Going to an independent, specialist provider for a quote is a good place to start.

It is important that you understand any policy that you take out. As with any type of insurance there are factors that have to be taken into account and there normally are exclusions within policies. Again this is where you gain the benefit from going with a standalone provider. A reputable provider will have the expertise and knowledge to not only pass the savings onto you for the policy, but also to be able to give you the best advice possible. Income protection insurance can be a good thing to have, but only when purchased correctly and from a reliable provider.

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