Income protection
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Income protection
Let’s face it, life doesn’t always go to plan. Whether you’re struck down by illness, in an accident or an unexpected event crops up, there’s a huge financial burden if this leads to you being unable to work. Your income could disappear far quicker than your bills, leaving you scrambling around trying to keep your head above water. This is where income protection insurance comes in. Designed to replace part of your earnings if you’re unable to work, income protection insurance gives you a financial buffer when you need it most.
At Everest Mortgages, we know income protection can be confusing, but we’re here to help. Whether you’re self-employed, employed without generous sick pay, or you simply want to protect your household finances, income protection can be a powerful safety net.
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What is income protection?
With income protection insurance, you get regular monthly payments if a medical condition, injury or redundancy prevents you from working. It ensures you still have money coming in during difficult periods, so you can cover essentials such as mortgage payments, household bills, credit commitments, food, childcare and everyday living costs. Though income protection is especially popular amongst self-employed workers and business owners, it’s beneficial to anyone who relies on their regular earnings.
Who is income protection best for?
You don’t need to be self-employed to benefit from an income protection policy. It can be an important safeguard if your employer offers little or no sick pay, if you’re responsible for rent or mortgage payments, or if you have debts or financial commitments. It’s also helpful if you support a family or other dependents – and lost earnings would impact them, or your household relies heavily on your income – and you don’t have enough savings to live on until things start looking up. With income protection, you can focus on getting things back on track, knowing you have a financial safety net.
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3 types of income protection insurance
There are three main types of income protection insurance, so there’s a high chance you’ll find a policy that provides what you’re looking for.
Accident and sickness
This type of income protection insurance pays a monthly sum if you’re unable to work due to an illness or injury. Many policies also include cover for mental health conditions.
Unemployment
This type of income protection insurance provides short-term financial support if you’re made redundant through no fault of your own.
Accident, sickness and unemployment
If you want to have the highest level of cover available, you can take out income protection insurance that covers accident, sickness and unemployment.
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How income protection insurance helps
Being unable to work can create financial strain and that strain can appear overnight, without warning. Income protection steps in to replace a percentage of your salary, helps you to keep up with mortgage or rental payments, and reduces the need to rely on credit cards or loans. Instead of worrying about money, you gain breathing space to focus on getting back on your feet.
Everyone’s circumstances are slightly different, which is why there isn’t a one-size-fits-all income protection policy. At Everest Mortgages, we factor your occupation, income, health and preferred waiting period into things, helping you to find the right level of cover for you.
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