Nobody is immune to illness or injury, so when the unexpected happens and prevents you from working, it’s best to be prepared. Rather than the potential of a huge strain on your finances, consider Income and Mortgage Protection as a safety net for your family.
What is Income and Mortgage Protection?
Income and Mortgage Protection provides financial support to you and your family if you are unable to work due to illness or injury. It can help cover your mortgage payments, everyday bills, and other expenses.
What are the benefits?
- Provides financial security: Income and mortgage protection insurance can help you cover your essential expenses, such as your mortgage or rent, bills, and groceries, if you are unable to work due to illness or injury.
- Helps you maintain your lifestyle: If you are unable to work, you may not be able to maintain your current lifestyle. Income and mortgage protection insurance can help you cover the costs of everyday expenses and daly life requirements, such as car repayments, childcare and utilities, so you can focus on getting better.
- Protects your savings: If you are unable to work, you may have to use your savings to cover your expenses. Income and mortgage protection insurance can help you protect your savings, so you have a financial safety net in place for another rainy day.
- Helps you avoid debt: If you are unable to work and you don't have income protection insurance, you may end up in a fair amount of debt. Income and mortgage protection insurance can help you avoid this by covering your essential expenses.
- Peace of mind: Knowing that you have income and mortgage protection insurance can give you peace of mind, which can be priceless. You can rest assured that your finances and your family will be taken care of if you are unable to work.
- Helps your family: If you are the main breadwinner in your family, income and mortgage protection insurance can help protect your family's financial security if you are unable to work for a period of time.
So what are my options?
There are three protection options to consider:
- Disability Income Protection: This option provides monthly payments and can also include additional benefits, such as support for rehabilitation and a return to work.
- Income and Mortgage Protection: This option helps you cover your mortgage or rent payments, as well as other expenses.
- Essential Disability Income Protection: This is a lower-cost option for people who work in occupations that prevent them from getting regular income protection.
Each cover can come with optional benefits such as specialist and diagnostic testing, and accidental injury cover.
Summary
Income and Mortgage Protection is a vital financial safety net to consider when planning for unexpected life events. Illness or injury can impact anyone's ability to work, which puts a strain on finances and in turn your mental health and wellbeing. Income and Mortgage protection saves your earnings, helps maintain your lifestyle, avoids dipping into savings or accumulating debt, and provides peace of mind for you and your family. The right type of Income and Mortgage Protection depends on your specific needs, with choices that range from broader income replacement to focused mortgage/rent relief. Our knowledgeable advisors can discuss with your your individual needs based on your circumstances, and can provide a comprehensive plan to ensure you have the best value cover that doesn’t skimp on the details.
