Income Protection for peace of mind...
An Income Protection policy will pay out a monthly income to replace a proportion of your salary in the event that you are unable to work as a result of an accident or sickness. This is a long term plan, and the term is agreed at the beginning of the policy, usually in line with your mortgage term, or your retirement age.
Once accepted the provider must honour the policy for the full term, no matter if your health deteriorates. There is often a deferment or waiting period, from you being unable to work to the policy beginning to pay out which is again chosen at outset of the policy. A longer deferment period will mean a lower monthly premium.
Mortgage Payment Protection
This type of policy is a short term alternative to income protection and is designed to pay your mortgage payment on a monthly basis, for up to a year, should you be unable to work due to an accident, sickness or redundancy.
As with an income protection policy there is usually a deferment period before it begins to pay out and the longer this deferment the lower the premium will be. The level of cover is usually set in line with your monthly mortgage payment, this can however be increased to cover up to 125% of your mortgage payment to cover other costs like utility bills or insurance premiums.
Unlike an income protection policy, mortgage payment protection is designed solely to cover your mortgage and so cannot be taken if you do not have a mortgage.
There are other products available designed to protect you against loss of income, for further impartial information about insurances please visit the website at www.moneyadviceservice.org.uk
How can we help?
We strongly believe in providing you with your own dedicated and experienced consultant to guide you through the process from start to finish.
They will take the time to fully understand your needs before presenting you with comprehensive advice derived from the most competitive insurance providers in the market. They will also complete all of the necessary paperwork on your behalf, ensuring that you understand everything at each step of the process.