How to find the best deal to protect your income, your home and loved ones in troubled times

For Home and Motor Insurance buyers, the obvious place to start looking for premium savings are on the Price Comparison sites. However, if you are looking to buy Mortgage Payment Protection Insurance or short-term Income Protection Insurance, this could prove to be an expensive mistake! So if you want an insurance policy to pay your mortgage and other bills if you are out of work, where do you find the best deals?

Firstly, a lot of people are unaware that this insurance exists. Short-term Income Protection Insurance is the cleaned up replacement for the now widely distrusted Payment Protection Insurance. Payment Protection Insurance (PPI)has just cost the banks £billions to compensate their customers for miss-selling. In fact most banks don’t sell it any more which, some may say, can only be a good thing.

Fortunately industry leader Aviva decided to call this cleaned up and highly regulated new product a fresh name; short-term Income Protection Insurance. This distinguishes this type of insurance so people will know that they are buying the new type of policy that the Government’s Regulator has both approved and now undertakes the enforcement of the new strict rules regarding how it is sold.

So just to confuse things, the biggest Building Society Nationwide and leading specialist provider i:protect decided to call this Lifestyle Protection. At least their name stands out as being totally different from the disgraced Payment Protection Insurance which of course was their intention. However, the FSA on their Money Advice Service website still call short-term Income Protection a version of Payment Protection Insurance!

Fortunately the Money Advice Service website does explain the difference and it also allows anyone to find these products and compare prices on their comparison tables for every policy offered in the UK.  This independent and unbiased website offers a huge range because it is now compulsory for every provider to show full details of the product range and prices. The commission charging commercial price comparison websites simply cannot come close to the Money Advice Service offering. It is the only place to find and compare the low cost direct products.   

With knowledge gained from the Money Advice Service website anyone can:

• Look at a huge range of products from all of the big brands as well as the low cost specialist providers in one place
• know how to  get a true price comparison of the full range of products offered
• get the best deal for what are now closely regulated financial protection products
• pay the lowest price by cutting out the middlemen

This is brilliant except the Money Advice Service website is so complicated that it is hard to find these products and compare them. Fortunately help is at hand from i:protect with a free  ‘road map’ to quickly navigate the Money Advice Service website. A single click will then take the customer from their chosen product to the provider where they can apply for a full quote with confidence.  

The majority of these policies pay out for up to a year if the policyholder is unable to work due to accident, sickness or unemployment. Benefits are selected by the individual according to their needs. Most people decide to have a monthly benefit of around £1000. They pay a premium of between £20 and £40 per month for this level of cover depending upon their age and the excess they select.

Would you like a free guide to finding Mortgage Payment Protection and short –term Income Protection Insurance on the independent and unbiased Money Made Clear website? Please click here

If you have found this article useful and would like to share this please click on the Facebook button below or reTweet. 

Thank you for taking the time to read this article, I hope it has served you, please revisit this blog for weekly updates to find the best financial products to protect you and your loved ones during these uncertain times. Thanks Dennis Haggerty

Social Bookmarks

Tags: Buyers Guide, Cheapest Cover, cheapest Mortgage Payment Insurance, family finance, Income Protection Insurance, Lifestyle Protection, Mortgage Payment Protection Insurance, Redundancy protection, Road map of Money Advice Service, Treating customers fairly

This entry was posted on Wednesday, December 14th, 2011 at 12:58 am and is filed under Income Protection Insurance, Mortgage Payment Protection Insurance, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.