If you were offered income protection insurance along with your loan or credit card, you might be wondering if there is such a thing as cheap income protection insurance. The good news is that it is out there. If you don't feel pressured to buy it from your bank or a high street lender along with your loan, credit card, or mortgage, you can find the cheapest income protection insurance by shopping around.
Research shows that if you go with an independent provider instead of a lender on the high street, you can often save a lot of money on your premiums. A reputable standalone provider will focus on this type of insurance and will be able to offer you coverage much cheaper than a high street lender. They will also have experience selling policies, which makes it more likely that you will get the right policy for your needs.
Income protection insurance will give you a set amount of money every month for a certain amount of time if you can't work because of an accident, illness, or being laid off. But you have to be smart when you buy the insurance. If you don't read the fine print, you might not be able to make a claim.
The income protection industry has been getting a lot of bad press lately. But that shouldn't stop you from buying this important cover. Most of the misselling of income protection insurance has been done by high street lenders, who are also known for charging too much for the premiums and selling policies that people have no chance of being able to claim on. So, if you are thinking about getting income protection, you should do your research and see what is available.
Lastly, when you get insurance, never get it along with a loan or credit card from a high street lender. The premiums will be through the roof, as the personal finance media is always pointing out, and every year billions of dollars are made from selling payment protection insurance. If you stick with an independent specialist, you should get great advice, a good product, and the cheapest income protection insurance you can find anywhere.
