Have you ever thought how you would cope financially should you be unable to work due to illness or injury? How would you pay the mortgage and other household bills? Would you be able to maintain your current lifestyle?
Income Protection is designed to help protect you and your family should you be unable to work due to an accident, sickness or disability. Income protection plans will usually pay a monthly benefit for either two years (budget cover) or it will pay a monthly benefit until the expiry age (e.g. age 55, 60, 65, 70). You can also add fracture cover which will pay out a lump sum should you fracture specified bones in your body, and waiver of premium which will take care of your premiums whilst you are off work (subject to a waiting period).
There are a number of scenarios where people can benefit from an Income Protection plan, including:
- Those with family responsibilities
- Home owners looking to protect mortgage payments
- Anyone with regular monthly outgoings, such as loans, credit card payments, council tax and other bills
- Self-employed people whose income is entirely dependent on them working
Mortgage protection can help you to maintain your mortgage payments and associated bills (limits apply, please ask for details), if you can’t work due to accident, sickness or if you are involuntarily unemployed (made redundant). This cover will usually pay out for around 1 year but can pay out up to 2 years benefit. You can also opt for additional lifestyle cover, which is designed to help you maintain your lifestyle should your income stop.
In addition to all the benefits above, on certain products you can add a vitality program to help you stay healthy and potentially save money on your premiums.