Take out income cover to give you protection against your lost income
- 8TH SEPTEMBER 2007
Income cover could ensure that you wouldn’t be left struggling to find money to pay your essential outgoings each month if you should lose your income by coming out of work due to accident, sickness or unemployment. It is one form of insurance that could be a lifeline and save you stress and worry not to mention financial difficulty.
Income cover would replace your income up to a set amount each month once you had been out of work for at lest 30 days and you meet the requirements set out in a policy. An honest payment protection provider specialist such as British Insurance will make understanding the policy’s key facts easy, which of course is what is needed if you want to make sure that you would be eligible to claim. They can also offer some of the cheapest quotes on a policy while at the same time giving you peace of mind that you have bought a quality product.
An income cover policy from British Insurance is simple and easy to get a quote for and can help you to make huge savings on the premiums. Payment protection insurance policies are well known as sometimes being “a big rip off” and Simon Burgess, Managing Director of British Insurance, is the first to agree that when buying cover from the high street lender this is true. Simon warns the consumer that when it comes to taking out income cover it is essential to get several quotes and shop around for the cover while staying well clear of the high street lender.
High street lenders have given the sector a bad name after it was found that there has been wide spread mis selling of policies due to the lack of information given to the consumer and the fact that many lenders hadn’t made the consumer aware of the many exclusions within a policy. An investigation began in 2005 after a super complaint to the Office of Fair Trading by the Citizens’ Advice. The Financial Services Authority began its investigation and subsequently fined many well known high street names. The sector is currently under review and the sector referred to the Competition Commission, who expects to make their findings known early 2009.
For now the safest and cheapest way to buy your income cover is to stick with an ethical specialist provider not only to ensure you get the cheapest protection but also the best advice and information regarding a policy.
