Income Protection News
Low premiums available for income protection insurance
Obtaining income protection insurance has been recommended in light of the harsh economic climate and the low premiums it has made available.
People concerned with rising unemployment, which is expected to jump to three million people within the year, should take out the cover if they think their job may be threatened, advised holidaytravelinsuranceuk.co.uk.
Large and seemingly stable organisations such as Woolworths have succumbed to the downturn and this has made an increasing number of consumers worried about the security of their jobs.
According to the insurance expert, income protection premiums can cost between £12 and £36 a month depending on how much protection one needs.
Most of the policies for this cover, which is also known as unemployment or redundancy protection, will start paying out within 60 to 90 days after illness or redundancy has occurred, said the organisation.
It added that "some will even backdate it to the first day you found yourself out of work", which underscores the importance of shopping around for the best deal using internet resources such as price comparison websites.
Personal finance site money.co.uk recently said that this type of cover is designed to "give peace of mind" by shielding earnings.
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