Making Comparisons to Find Cheap Income Protection

Making Comparisons to Find Cheap Income Protection

When illness or an accident leaves a person unable to work, financial worries often add to an already difficult situation. Redundancy obviously has the same effect, and trying to pay regular bills, perhaps a mortgage and other loans can cause serious financial hardship. This can be prevented with income protection insurance.

Income protection policies cover a percentage of an individual’s usual income, and in some circumstances, the benefits received will remain tax free. Not only will such a policy provide an income, it will also assist with legal proceedings and the resulting costs. Many providers will also assist the insured individual in finding suitable employment. Often it is possible to attend counselling sessions and back to work centres.

What will be provided and how much it will cost to take out this type of cover obviously depends on the provider, the amount of cover required and the type of policy selected. Those covering unemployment are typically short term options, which will only offer payments for a specific amount of time, usually up to two years.

Long-term choices normally do not offer benefits in case of redundancy, but will provide cover for illness and injuries. In some cases, benefits will only be paid if the insured person is not able to perform even routine daily tasks, while others offer help if the individual is not able to work in his or her usual job (or an equivalent role).

In order to find the most suitable solution, it will be necessary to compare a variety of available options. Getting quotes is made easy by comparison sites. These quotes can then be compared with regards to benefits, exclusions and other relevant terms, and, of course, premiums. This will make it possible to find cheap income protection without compromising on cover.

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