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Income Protection Can Be Found Cheaper Online

Jun 1, 2008
Falling ill for a long period of time would be bad enough itself but imagine how you would cope if you also had no money to fall back on and could not manage to maintain your outgoings. The same would apply if you were to be involved in an accident that would stop you earning a living. You would have to struggle to get back on your feet again as quickly as possible as you would be worrying about how you were going to manage your bills. If you were made redundant then it could be many months before you found work again and during this time you would also have to juggle the small amount of money you had coming in. You can have protection against this if you had taken out income protection for a small monthly fee.

Income protection would provide you with an income if you should lose your own due to incapacity or unemployment. There would be a period of waiting before you could put in your claim and then you would receive the payment you had insured when signing up for the agreement. The amount you choose to cover and your age when applying would reflect on the amount you would have to pay each month, and different providers vary. If you want the cheapest possible premiums while also getting a quality product then you have to shop around and compare. You not only have to compare the cost but also check the exclusions, exclusions are to be found in all policies but some have more than others. The starting and end dates also differ and it can be by quite a lot.

Some providers will begin to provide you with an income to replace your own after 30 days of being unemployed or incapacitated. Other providers might ask that you wait for as long as 90 days before they would begin to payout on the cover. Just as there are different periods of time before you can claim, the same applies to how long the policy would payout. Some providers offer a policy that would continue supplying you with an income for as long as 12 months, while with others it can be 24 months. In all cases once you had started claiming on your policy it would only last for the time stated in the terms and conditions and then it would cease.

With income protection behind you to back you up you would be able to concentrate on making a fast recovery and get back to earning again. In the case of unemployment you could have plenty of time to gather yourself together and find another position. You policy would allow you the financial security needed at a time like this and would allow you to continue meeting one of the biggest outgoings, your mortgage. Of course you could also maintain any loan or credit card repayments and also keep food on the table, your home warm and all the little things in life that you are used too. You would not have to be struggling to find money or juggle bills around so that would be able to meet them.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income protection .
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