Income Protection Cover
Protect yourself financially when you need it most
Taking on a mortgage is a long term financial commitment. Ensuring you and your family are fully aware of all the risks associated with taking on such a commitment is as important to me as ensuring you have the right mortgage is.
Ensuring you and your family can stay in your home should the worst happen is at the heart of my advice
If you lost your income as you were unable to work due to illness or incapacity could you survive on £96.35 Statutory Sick Pay per week for a maximum of 28 weeks? Would this leave you enough to cover your mortgage, your bills, your shopping, your car insurance, your pet insurance and your lifestyle costs?
If the answer is no then you may need some form of income protection.
These type of plans are designed to pay you a monthly income after a period of time, designed to coincide with when your sick pay entitlement would end, to replace your salary.
Unlike statutory sick pay however, Income Protection policies are designed to pay until you are healthy enough to return to work, you reach retirement age or the policy payout period ends.
To fit within your budget Income Protection now also has the option to set, at the outset, the maximum payout period so if you are managing a budget and a full term policy payout if out of your affordability that does not mean cover is not available. You can for instance look at policies with a 1 year, 2 year, 5 year or full term pay out period per claim.
As these type of policies can all be tailored to meet your specific needs, circumstances and budget seeking advice is always best practice.
All insurance will be subject to medical underwriting to determine the level of cover available and the premiums that will apply.
As with all insurances policy exclusions and conditions will apply.