What is income protection insurance?
It's an insurance policy that can help support you with a monthly payment if you’re ill or injured and can’t work. It pays a proportion of your lost earnings, which could help cover your monthly outgoings. So you’re able to focus more on getting better and back to work.
How does income protection insurance work?
Income protection can provide you with either a fixed monthly benefit amount or cover a percentage of your earnings following the deferred period. The benefit amount can be paid for each eligible claim for a set amount of time from up to 12 months, or until retirement.
If you want to keep the premiums down you could simply choose to cover a proportion of your earnings this could help you pay essential bills like your mortgage, rent and other outgoings such as utilities and food, enabling you to focus on your recovery
If you want to explore this option further talk today to your mortgage adviser