If you have been offered income protection insurance alongside your loan or credit card then you could be asking yourself – is there such as thing as cheap income protection insurance? Well the good news is that it does exist. Certainly, the cheapest income protection insurance can be found by shopping around for cover rather than being coerced in to buying it from your bank or high street lender alongside your loan, credit card or mortgage.
Research shows that going with a standalone provider and staying clear of the high street lender can more often than not save you a substantial sum of money on your premiums. A reputable standalone provider will specialise in this type of insurance and so will not only be able to offer you the cover much cheaper than the high street lenders can, but they also have experience when it comes to selling policies, meaning you are more likely to get the right policy for your circumstances.
Income protection insurance will provide you with a fixed monthly income for a stated period of time should you find yourself out of work due to an accident, long term sickness or unemployment. However the cover has to be bought wisely, otherwise you risk not being able to make a claim if you haven’t read the small print on the policy.
The income protection sector has been under fire recently and has earned itself a bad name. However, this shouldn’t put you off buying this invaluable cover. The majority at fault when it comes to the mis-selling of income protection insurance have been the high street lenders who are also noted for over charging on the premiums as well as selling policies that people haven’t got a chance of claiming on. This is why if you are thinking of taking out income protection then you would be wise to do your homework and see what is on offer.
Finally, when taking out the cover, never take it alongside a product such as a loan or credit card with the high street lender. The premiums will be sky high as the personal finance media regularly highlights with billions being made in profits every year from the sale of payment protection insurance. Stick with an independent specialist and you should get great advice, a quality product and the cheapest income protection insurance that is available anywhere.