Get cheaper life insurance or income protection cover when reviewing finances - News 2009

Life insurance and income protection cover are some of the products consumers need to consider when reviewing their finances and planning for the future, it has been stated.

Giving financial advice to those looking at ways to make their money work better for them, Sam Barrett has written on moneywise.co.uk that people need to look at these products to protect their financial futures.

Consumers have a variety of protection options to choose from, pointed out Ms Barrett, who identified life insurance as ideal for those who want their dependants to get a lump sum if they die.

On the other hand those concerned about serious conditions such as cancer should consider taking out critical illness cover, while income protection insurance could come in handy if unable to work because of sickness or disability.

Mark Osland, director of independent advisers Formula, is quoted in the article saying: "If you've got financial dependants then life insurance is essential as it will ensure they can maintain their lifestyle even if you do die."

Consumers can now get cheap life insurance because the last few years have seen prices decline, according to Neil Faulkner, who was writing on lovemoney.com.

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