Cheap income protection is still hard to find
- 1ST NOVEMBER 2007
Despite the outcry that payment protection insurance (PPI) is notoriously expensive when taken with high street lenders finding cheap income protection is still hard to find unless you go with a standalone specialist provider. An ethical specialist will offer among the cheapest premiums for the cover but you do have to shop around and get several quotes for the cheapest quality product.
A specialist is someone who focuses on and only sells payment protection insurance of which income protection is one. Income payment protection insurance is taken out to safeguard against the possibility that sometime in the future you might lose you job and income through unemployment caused by such as redundancy. If you are out of work after suffering an accident or from sickness. Policies can be taken out for a premium each month which is decided on the amount of your income you wish to cover and your age at the time of taking out the policy, the majority of providers will let you cover against all three or just for unemployment or just for accident and sickness.
It is essential that you shop around for the cheap income protection cover with a specialist as the quotes can vary and some vary considerably, British Insurance are one of the cheapest and most ethical specialists online who can help you to make great savings on cheap income protection. One of the main problems surrounding the payment protection sector has always been a lack of information at the time of taking out the cover; this led to many being sold policies they weren’t able to claim on due to their circumstances.
There are exclusions in all payment protection policies that could mean you would be ineligible to make a claim and so render a policy useless in your circumstances. Some of the most common include if you are in work part time, are self-employed, suffering from a pre-existing medical condition or are of retirement age, of course there could be more and you have to read the small print to determine the terms and conditions to make sure a policy is suitable.
Providing the cheap income protection cover is suited to your circumstances then it would begin to give you an income to replace yours if you should find yourself unable to work due to suffering from an illness, accident or if you should be made unemployed through such as being made redundant. Cover kicks in after you have been out of work for a pre-defined period of time which can be anywhere between the 31st day and the 90th day and then continues to give a tax free income for between 12 and 24 months depending on providers.
British Insurance is one of the cheapest and most ethical standalone specialist providers of payment protection products and they can help you to make huge savings by selling cheap income protection. Quotes are given based on your age at the time of taking out the cover and the monthly amount you wish to insure and it is easy to work out how much in total the cover will cost. It is imperative that you buy your income protection from a specialist because it has been revealed that this year alone there has been over 4,000 cases of payment protection being mis-sold despite the intervention of the Financial Services Authority and warnings that selling techniques have to change.
The investigation which began in 2005 and is still ongoing and under review by the Competition Commission until February 2009 highlighted the mis-selling and the changes that needed to be made in the sector, however clearly there are still problems and consumers are still not getting the information needed to ensure the product is suitable for their circumstance. British Insurance not only helps you to make huge savings on cheap income protection but also give you access to the key facts and vital information needed to ensure a policy is suitable for your circumstances.
