Although income protection insurance is highly advisable for working parents and anybody else who has others depending on their income, the cost of premiums can be off putting to some. Many people forgo valuable financial protection because they assume they can’t afford income protection insurance but there are products available that are designed with affordability in mind.

One of these products, according to Money Magazine’s best of the best insurance awards 2012, is Asteron’s Income Shield policy. As well as having lower premiums, this product offers a range of attractive features including allowing up to 10 hours a week of work for policyholders without it affecting their benefits. Other competitive income protection insurance products include TAL’s Income Protection Standard and CommInsure’s Income Care products.

If you are looking for more affordable income protection insurance, there are a few options available to help you reduce the cost of your premiums. Opting for a longer waiting period before claiming can help to lower your costs and taking out income protection through your superannuation fund can be a cheap way to get a basic level of cover.

The most effective way to ensure that you are getting the best value for your money when it comes to income protection insurance may be to consult a financial planner. An experienced professional generally has knowledge of the cheapest policies on the market, as and when they become available, and can also help you decide which features are essential to you and what you could do without. Choosing your insurance policy based on price alone is not always the best decision, as it could mean missing out on valuable cover.

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