5 Ways to Save Money on Income Protection Insurance

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In 2015, 300,000 people had income protection cover in the UK, which is surprisingly a small amount. Additionally, 91.2% of of those income protection claims were paid out (around £131 million), according to independent financial advisor ‘Be Financially Secure’. Their data shows that every year, 1 million workers are unable to work due to an injury or sickness. In such cases, the importance of income protection insurance comes in.

In a nutshell, income protection insurance is a policy that provides financial protection for those who become unable to work after sustaining an injury or developing an illness* (meaning that you incur income losses as a result).

Taking out an income protection policy will give you the peace of mind that your condition will not have the ability to limit you financially, as this plan would pay out a monthly benefit to you; giving you the financial support you need.

Income protection is similar to life insurance, critical illness cover and other insurance products, in the sense that you pay a certain amount for the policy monthly; known as a premium. With any type of life insurance, there are ways of saving yourself money on your monthly premiums if you know how, but for those who don’t, here are Quick Quote Protect’s top 5 ways of saving money on your income protection plan:

 1. Choose the right type of income protection for you

 This may seem easy, but honestly, it’s easier said than done. More often than not, people fail to do enough research into what type of insurance plan is right for them or choose not to talk to a specialist income protection insurance advisor; meaning that they miss out on valuable advice that can explain how to invest in an efficient and affordable income insurance policy. Here at Quick Quote, we have experienced advisors who can give you more information and a free no-obligation quotation today.

 2. Do NOT lie

It is true that if you lie to your insurer, they will find out further down the line, which is why it’s never worth telling any lies or ‘forgetting’ to mention that you are suffering from a critical illness/ underlying health condition that may affect the cost of your income protection insurance.

Hesitating to be truthful about your health status to your income protection insurance provider to save yourself some money may entice you at the start, though you should remember that doing so will most likely result in your policy being cancelled at a later date and increase the risk of being rejected for another insurance plan in the future.

Also, because you failed to be truthful, any premiums that you had already paid at the time of your policy being cancelled may not be reimbursed, meaning that you have done the total opposite of saving money!

 3. Avoid starting smoking or quit altogether

We are in no position to give you a lecture on your personal health and lifestyle choices; however, even though you can purchase life cover if you smoke, income protection insurance will be cheaper if you avoid smoking or stop altogether (this includes the inhalation of any tobacco products), which means - you guessed it - that you’ll be able to save money on your insurance premiums.

 4. Remember that anything could happen tomorrow

At Quick Quote Protect, we see the whole experience of purchasing income protection insurance as a crucial and beneficial thing for everyone; as no one knows what could happen tomorrow and it is, therefore, important to have a plan in place. By coming to us for the best income protection insurance advice, you’ll be solidifying your own financial protection and potential entitlement of up to 70% of your gross annual income, should an illness or injury hold you back from working.

 5. Choose a level of cover that you’re happy with

With our panel of accomplished, expert life insurance solicitors, we are able to give you the peace of mind that an income protection insurance plan you are offered will have been finalised through intensively scanning the market, in order to find a policy tailored to your personal needs and circumstances.

In terms of money saving, choosing a shorter benefit period, say 2 years, will reduce your monthly cost compared to choosing a benefit period that lasts up until retirement age. You should also note that the longer the time you need to stay off work (the waiting period) before the policy starts to pay out, the cheaper the premium.

Get a quote for Income Protection Insurance at Quick Quote Protect

Quick Quote Protect has been trading for almost seven years and our experts talk to thousands of people each week, providing them with free no-obligation advice and setting them up with a suitable insurance plan. For this, we receive many recommendations and praise for our service from customers who have been satisfied with our services.

We are here to help you find the best income protection policy, which provides you with sufficient financial security if you were to become unable to work due to an illness or injury; call us today to get your free, no-obligation quote.

*subject to the insurer’s terms and conditions