Income Protection Plans provide cover to prevent your mortgage from going into arrears and perhaps even having your home repossessed, by providing assistance in making mortgage interest repayments when a person is sick. It is possible to base an income protection product on your income rather than your mortgage payments. This type of policy is designed for long term cover and can cover for up to 100% of your gross salary (excluding bonuses or car allowance) subject to individual insurer’s maximums (e.g. 100% of income, or £50k a year).
The deferment periods available are 4, 13, 26 and 52 weeks and the expiring age can go up to retirement (50 – 75 years).
Accident, Sickness, Unemployment Insurance and Mortgage Payment Protection Insurance provides cover to prevent your mortgage from going into arrears and potentially having your home repossessed. Accident Sickness, Unemployment insurance provides assistance in making mortgage interest repayments if you have an accident, are sick or are made redundant. This type of policy is designed for short term cover and renewed annually.
Accident and Sickness or Unemployment are also available as individual policies.
The deferment periods available are 4 or 13 and are available for a period of 12 or 24 months. Policies can be arranged to rise with inflation and Back to Day One cover option also available.