Income cover can guard against the unknown
- 10TH DECEMBER 2007
No one can predict what might happen in the future but we can at least take steps to safeguard against the unknown at least when it comes to financial matters. A sudden loss of income through being out of work due to an accident, sickness or through unemployment would mean that your lifestyle could change rapidly, however if you have taken out income cover then you would have a replacement income.
Income cover could start to give an income once you had been out of work for between 31 and 90 days depending on the provider and can continue between 12 and 24 months. You do have to first make sure that a policy would be suitable for your circumstances before taking out a policy; this means that you have to read the small print. If you were only in part time work, suffering an illness which was ongoing, were self-employed or of retirement age then a policy would not be suitable, while these are the common exclusions there can be others defined by the provider.
The cost of the premiums for income cover can vary and the cheapest premiums are always found with a specialist provider. Protection specialists British Insurance offer some of the cheapest premiums and along with saving you money they also offer free advice and of course give you access to the key facts needed to determine if a policy would be suitable.
When taken out correctly income cover can give you a replacement income but only if you understand the product and what it can and cannot do. While there have been many problems associated with payment protection it has to be clear that the products themselves are not at fault but those who sell them without experience. Sticking with an ethical provider such as British Insurance ensures you get a quality product sold by qualified experienced staff.
