Income Protection Insurance

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What is it?

Income protection insurance is a valuable financial safety net designed to provide a regular income if you are unable to work due to illness or injury.

This type of insurance is particularly beneficial for ensuring that mortgage payments and household bills are covered, offering peace of mind and financial stability.

The Benefits

What are the benefits of 
Income Protection Insurance

. Here are the key benefits and uses of income protection insurance, with a focus on how it supports mortgage payments and household bills, especially when statutory sick pay and employer sick pay fall short.


Financial Stability During Illness or Injury

One of the most significant benefits of income protection insurance is the financial stability it provides during periods of illness or injury. If you are unable to work, this insurance replaces a portion of your income, ensuring that you can still meet your financial obligations. This is crucial for covering essential expenses such as mortgage payments and household bills, preventing financial stress during recovery periods.

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Supplementing Statutory Sick Pay

Statutory sick pay (SSP) is often insufficient to cover all your financial needs. In many cases, SSP provides only a basic level of income for a limited period, which may not be enough to maintain your standard of living.

Income protection insurance supplements SSP by providing a higher percentage of your usual earnings and for a longer duration. This ensures that your mortgage payments and household bills are consistently met, reducing the risk of falling behind on essential payments.

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Coverage for Mortgage Payments

Ensuring mortgage payments are covered is a primary concern for many people. Missing mortgage payments can lead to severe consequences, including potential repossession in extreme cases.

Income protection insurance provides the necessary funds to continue making mortgage payments even when you are unable to work. This security helps maintain homeownership and prevents the loss of your property due to missed payments.

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Consistency in Meeting Household Bills

Household bills such as utilities, groceries, and other living expenses continue regardless of your health status.

Income protection insurance guarantees that these bills are paid on time, helping to maintain your household’s standard of living.

By covering household bills, this insurance alleviates financial pressure, allowing you to focus on recovery without the added stress of unpaid expenses.

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Is it just income?

Income protection insurance policies are highly customizable, allowing you to choose the level of coverage and benefit period that best suits your needs.

You can select a policy that covers a significant portion of your income and decide the waiting period before benefits begin.

This flexibility ensures that you can tailor your policy to effectively cover mortgage payments and household bills, even if you only receive limited statutory sick pay or employer sick pay.

There are also policies that can be comibned with Income Protection to give you added benefit if you or your family are in hospital or have an accident.

Making it simple

Income protection is designed for your peace of mind:

Long-Term Coverage

Unlike statutory sick pay, which is typically limited in duration, income protection insurance can provide long-term coverage, sometimes up until retirement age.

This long-term support is particularly beneficial for chronic illnesses or severe injuries that prevent you from returning to work for an extended period.

Long-term income protection ensures that mortgage payments and household bills are continuously covered, providing sustained financial security.

Peace of Mind

Knowing that you have income protection insurance in place offers peace of mind. You can rest assured that, in the event of illness or injury, your financial responsibilities will be managed.

This assurance allows you to focus on your health and recovery, rather than worrying about mortgage payments or household bills.

Combining with an accident and hospitalisation policy, you can be assured that you have the financial stability when you need it.

Get covered

Income protection insurance is an essential tool for maintaining financial stability when you are unable to work due to illness or injury.

By supplementing statutory sick pay and ensuring that mortgage payments and household bills are covered, this insurance provides critical financial security.

Whether you are concerned about covering mortgage payments or managing household expenses, income protection insurance offers the peace of mind and support needed during challenging times.