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5 Aug 2020

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Income Protection News

Employers can help with cheap income protection insurance

Workers looking for income protection or critical illness cover should ask their employers if they have relationships with insurance firms.

Giving advice to a London-based woman concerned with her outgoings and mounting debt, Ms Harriet Meyer of the Independent recommended these two protection products rather than life insurance because there are no dependants involved.

While income protection cover is designed to offer a source of income in case of incapacitation through illness or accident, critical illness insurance provides a lump sum if policyholders suffer conditions such as cancer or stroke.

The financial specialist suggested that if it is not possible to access discounted rates through an employer, consumers should get in touch with an independent financial adviser who can offer guidance on how much the cover should cost.

Web-savvy consumers can also use price comparison websites to search and evaluate quotes from different insurers , although they should be aware that the sites offer the cheapest rather than the best product.

According to consumer website moneysupermarket.com, smokers can lower the amount of money they pay towards their life insurance and critical illness premiums by quitting the habit.

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