The Price Comparison websites are the best place to look for premium savings for UK Motor or Home Insurance customers. But, buying short-term income protection insurance or mortgage payment protection cover can prove costly. This is because this type insurance is very niche. If you are looking for a policy to help pay your mortgage or other bills, it is advisable to consult an expert.
Many people don’t know that this type insurance exists. Short-term Income Protection Insurance replaces the widely misunderstood Payment Protection Insurance. UK banks have spent billions of pounds to compensate customers who missold Payment Protection Insurance. It’s not surprising that most high-street banks do not offer this product anymore. The new product was renamed short-term income protection insurance by leading Insurance companies. This differentiates the type of coverage so that buyers know they are viewing the approved new policy by the Financial Services Authority (FSA), the Government’s Regulator. The FSA is now responsible for enforcing the strict rules that govern how this product can be sold.
To confuse matters, the largest Building Society in Britain and several other specialist providers decided to name this coverage Lifestyle Protection. This is a completely different name than the disgraced Payment Protection Insurance. The FSA still calls short-term income protection a version payment protection insurance, according to their Money Advice Service website. To get a great deal, you need to find out what reliable and trustworthy suppliers call the product.
The FSA’s impartial and objective Money Advice Service website explains the differences. You can also search for these products and compare prices using the comparison tables. This is available for all types of policies in the UK. It allows you to choose from over 400 products, as the regulator makes it mandatory for all providers to list their products on their websites. Despite the fact that there was no comparable point of reference anywhere in the UK until the FSA established it, most people are unaware that they can access this invaluable research tool for free.
The Money Advice Service offering is far superior to any commercial price comparison website that the commission charges. It’s also the only place where you can compare low-cost direct products that don’t appear on TV comparison websites.
Anyone can access the FSA’s Money Advice Service Website.
- You will find a wide range of products from both the major brands and the specialist suppliers at low prices all in one spot.
- They can be confident that they are getting an accurate price comparison across all markets
- Find the best deal for your needs
- Be aware that every FSA-approved provider is authorized to offer a product that they closely regulate
Although this is great information, the Money Advice Service website can be difficult to navigate. It can be difficult at first to locate the right type of insurance policy. The Money Advice Service offers a wide range of financial products and not only Income Protection Insurance. It is important to save or to purchase on-line an easy guide to find the lowest price on Money Advice Service website. These can be downloaded free of charge from one or more specialist providers. These guides are a quick way to navigate the Money Advice Service website.
A single click will take you to the provider of your chosen product once you have landed in the right section on the Money Advice Service website. They can then either purchase the policy or look up additional details before finalizing their decision. It allows buyers to narrow down their choices and concentrate on providers offering the best deals.
A second tip is to find good value: smaller specialist providers can offer the same product at a fraction of the cost of high-street brands. Money Advice Service has a wealth of information about the staggering price differences for similar coverage. This is mostly due to the fact that the premium products are offered by the major players on the market or the brokers receiving a significant commission for providing individual advice. Direct sales can save you a lot of money if you don’t need bespoke advice from an intermediary.
What’s covered? The majority of policies cover up to one year for an insured person who is disabled, sick or unemployed. The individual can choose the benefits that best suit their needs. Three of the most prominent UK specialists confirm that most of their customers choose a monthly benefit of approximately PS1,000. Their customers pay an average premium of PS20 to PS40 per month for this coverage. The buyer’s age and waiting period will determine the price. Although the waiting period is similar in nature to an excess on a car policy, it is actually the time before the claim is paid.
A person would receive a policy and price if they went to a Financial Advisers or Mortgage Broker office. This is based on the personalized service provided. It’s easy to get twice the cost for the same coverage, so it is worth doing some online research before you visit a broker. It is easy to purchase online. There is no need to provide medical evidence or complete a detailed lifestyle questionnaire. The average applicant will provide contact details and answer a dozen questions about their current employment.
To get a great deal, consider when you should buy short-term Income Protection Insurance. This is an important point. This is a crucial point. Most insurers won’t accept applications if there is a higher than average chance of redundancy. This product can only be applied for if the applicant is still employed.