Cheap Income Protection
Cheap income protection is designed to pay you a monthly benefit if you cannot work because of accident, illness or involuntary unemployment.
ActiveQuote offers cheap income protection quotes online in less than two minutes to help you find income protection insurance with the right level of cover at the most affordable price. Simply let us know what you are looking for in a policy and you can compare the cheapest income protection cover from leading UK providers- you can even buy your chosen policy instantly online.
Cheap income protection
In the UK there are two main types of income protection: short term income protection (also known as Accident, Sickness and Unemployment insurance) and long term income protection. With ActiveQuote, you can compare both types of policies side by side online to find the best one for your circumstances and budget.
Short term income protection policies will only pay out for a maximum of 12 months, but usually cover redundancy as well as illness and injury. These plans are often the cheapest income protection because of their shorter benefit term. However, you should bear in mind that your payments will stop after 12 months regardless of whether you are able to return to work after this time.
Long term policies are usually not the cheapest income protection insurance plans, but they offer the best level of cover. A long term policy can pay out until retirement age if needed, so if you are unable to return to work you could be protected until age 65. Someone who has been off sick for 6 months or longer has an 80% chance of being off work for 5 years, so a long benefit term could be a sensible investment.
For more information on cheap income protection insurance and how it works, take a look at our income protection FAQs.
Finding the cheapest income protection
Because income protection is a flexible product, it is easy to create a cheap income insurance plan to suit your needs and your budget. Ways to find the cheapest income cover include:
- Take out a policy earlier: Generally, the younger you are the cheaper your premiums will be because you are less likely to make a claim.
- Protecting less of your income: Many income protection policies will pay you up to 70% of your income when you come to claim. For the cheapest income protection, insure a lower portion of your salary.
- Increase your waiting period: The waiting period is the amount of time between stopping working and your policy paying out. Choose a longer waiting period for cheap income protection insurance.
- Decrease your benefit period: Cheap income protection policies often pay out for a maximum of 12 months.
Other factors that could affect the cost of income protection include your age, your smoker status, your current health and your occupation. Women have traditionally had to pay more for their income protection because they are more likely to make a claim, but from the 21st December 2012 insurers will no longer be able to base premiums on gender.
Compare cheap income protection quotes
As you can see from above, there are many ways you can tailor your income protection plans to create a policy within your budget. But with so many insurers on the market, including Legal & General, Aviva and Friends Life, it can be hard to know where to begin.
Luckily, it is easy to compare cheap income protection quotes with ActiveQuote. Our comparison system offers quotes from the leading UK insurers in less than two minutes which you can compare online and buy online. Benefits of using us include:
- Cheap income protection quotes from leading UK insurers
- Tailor your quotes online to fit your budget
- Buy your cheap income cover instantly.
For more information on our service or to get quotes, take a look at our income protection insurance page.