Have you got the safety net that income protection can provide?
- 4TH JULY 2007
While we cannot possibly predict what will happen in the future, there is something that we can do to protect ourselves and income protection can prove to be a safety net which can make all the difference when it comes to our finances.
Income protection is taken to make sure that you will be able to carry on paying your monthly debt commitments if you were to become unemployed, suffer an illness or have an accident which leaves you incapacitated and unable to work for a period of time. The cover income protection pays out for up to 12 months – with some policies, it pays up to 24 months’ - after you have been out of work for 30 days or more.
When it comes to buying the income protection there is a right way and a wrong way. The wrong way is to buy your cover from the high street banks and lenders. Most high street lenders charge high premiums for their income protection cover along with offering poor quality products.
The sensible way of buying income protection is to go with an independent and standalone provider such as the ethical British Insurance who sell quality products while charging up to 80% less than the big financial organisations.
Currently the Competition Commission is investigating the sector and it is hoped that changes will surface from this for the better when it reaches its anticipated conclusion in February 2009.
Simon Burgess who is Managing Director of British Insurance welcomes the investigation as he and his company is always for the consumers’ rights, warning time and time again that the consumer should shop around for the cover from a standalone provider rather than be forced into taking that offered by their loan or credit card provider.
So if you want the safety net that income protection can provide while making great savings then choose the right way, British Insurance.
