Would you benefit from having income protection insurance?
- 5TH AUGUST 2007
If you are in full time employment and have financial commitments then it could be worthwhile looking into the protection and security that income protection insurance could give you. However, there are different types of payment protection insurance available and it is essential that you understand them and make sure that you choose the right protection for your needs.
The easiest policy to take and to understand is short term income protection insurance. With this cover, if you find yourself unable to work after being involved in an accident, becoming unemployed through such as redundancy, or suffering from prolonged sickness, then you will receive a fixed monthly income for up to 12-24 months. This means that you don’t have to worry about paying your bills while you look for another job or recover from your illness or accident.
However no insurance is totally without its downside and income protection insurance is no exception. The major downside to income protection insurance is that there are many exclusions within a policy which means that it isn’t always suitable for everyone and not everything is covered.
The insurance can also be very costly depending on where you choose to purchase it from. When bought from the high street lender it will cost you a lot more than if you choose to shop around online for the cover. Shopping around for the cheapest premium also offers another advantage, the experience and knowledge that a specialist income protection insurance provider can give.
A specialist provider such as British Insurance will not only give you the cheapest quote for the premium, they are also one of the most ethical providers around who offer advice in plain English which means that you can make the right decision when choosing income protection insurance.
