Cheap income protection can replace your lost income
- 3RD SEPTEMBER 2007
When taken out correctly, cheap income protection cover can replace your lost income if you should become unable to work after suffering an accident, sickness or unemployment. Income protection cover or ASU insurance as it is often called can provide you with a tax free income to cover your lost earnings once you have been out of work, typically for 30 days or more.
Once the cover starts it will continue to pay out for up to 12-24 months depending on the provider. If you want cheap income protection insurance you do have to shop around for the cover as premiums vary from lender to lender. British Insurance - a standalone payment protection specialist - can help you to make great savings on your income protection cover. You are able to take a policy to cover against the fact that you could come out of work due to accident and sickness only, unemployment only or to guard against accident, sickness and unemployment.
When you take out the protection properly it will cover your lost income up to a set amount which means that you would still have the money to pay your essential bills. However as with all types of payment protection there are exclusions which could mean that a policy isn’t suitable for your circumstances. These should be made clear before you purchase your policy and the best way to get this information is by going with a specialist, British Insurance are one of the most ethical in the market place and cut out the technical jargon by providing the information consumers need in plain English.
The payment protection insurance sector is still under investigation after it was found there was wide spread mis-selling of policies. The Competition Commission is currently conducting an in depth investigation into the sector and it is thought the review will be complete by early 2009 when hopefully payment protection insurance will be made clearer and will lead to the consumer receiving a better deal when it comes to getting cheap income protection insurance.
