Income Protection Insurance

You may have some savings set aside for a rainy day, but would this be sufficient if you were unable to work due to an injury or illness?

Income protection gives you the peace of mind that you will still be supported financially if you were unable to work for a long period of time.

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If you or your partner were unable to work for a long period of time, would you still be able to afford to pay your mortgage and all the bills? Do you have enough savings to cover any unexpected shortfall?

One of the best ways to cover loss of earnings is to take out an Income Protection Policy. This is designed to pay out if you are unable to work owing to injury or illness and will continue to pay out until you return to work, retire or die. However, there are also short-term policies that only last a year or two and are available at a lower cost.

Some employers will support their staff members by providing cover through their employment package, however, many unfortunately, won’t have anything in place at all. If you are self-employed this will impact you as well. Although you may be eligible for statutory sick pay, this benefit is quite low and, in most cases, will not be enough to cover any shortfall.

Income Protection policies will pay the benefit after the agreed deferred period that you select when the policy is first set up. Normally this should fall in line with any sick pay you are due from your employer, if any. Typically, the longer the deferred period, the lower your monthly premiums. This period can range from 4 – 26 weeks.

You don’t need to wait until you have moved into your new home before setting up the cover. The experts at The Mortgage Library will help you arrange a suitable cover in plenty of time for your moving date. You legally own the property from the day you exchange contracts, so it is vital you have something in place by this point.

This is all part of the service provided by our Librarians, and like everything else, is tailored specifically to your individual needs.

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