Income Protection That Covers Your Mortgage
If you find yourself in the unfortunate position of being unable to work due to sickness, ill health or injury, how would you continue to pay your mortgage and keep a roof over your head? If you have sick pay to fall back on then that will help, but what if your sick pay runs out while you are recovering?
Income Protection for mortgage would help to cover your mortgage by paying out a benefit amount that is tax free regularly. The policy is created and put in place to protect both you and your salary by covering and protecting a percentage of your income should you be unable to work.
This type of cover can be put in place to begin once your sick pay or any other insurance policy comes to an end. The benefit amount will be released once the agreed waiting period (deferred period) has come to an end- You should consider taking out cover to ensure that you are fully protected.
How Does It Work?
If you are unable to work for reasons such as sickness, ill health or injury important bills such as your mortgage will still be covered. While you are unable to work, a claim can be made and the benefit amount will then be released once the agreed waiting period known as the deferred period has come to an end. You will then be given a tax free payout on a regular basis up to the point where you return to work, you reach your retirement age or the policy holder passes away. Unlike most insurance policies, a claim can be made as many times as you wish providing the claim is valid.
There are many important features that come with Income Protection for mortgage, and these include;
- Peace of mind knowing that your mortgage payments are covered and your income is protected
- The policy will provide you with financial cover as well as support while you are unable to work
- The benefit amount that is released will be paid tax free and payments are made regularly
- There are a range of other policies available so you have the maximum coverage to suit your needs- Guaranteed policies, Age related policies and re-viewable policies
What Are The Benefits?
There is a huge range of benefits available with this type of policy, and these include:
- A claim can be submitted as many times as you wish providing the claim is valid
- The policy will provide you with a regular tax free payout if you are unable to work as a result of sickness, ill health or injury
- Providing the premiums are paid, this policy will remain in place for as long as you require,giving you total confidence
- There are numerous policies available to ensure you have the right policy to suit your needs