You have just gained your new mortgage, your offer was accepted on your new home and you are all moved in with the family, that dream home is now yours! But what if your income stops due to injury or illness, your outgoings don’t. That’s just one of life’s cruel truths.
The good news is that there is an answer for this, and we have it.- If you do happen to suffer a loss of earnings thanks to the aforementioned injury or illness, you will be covered if (and only if) you take out income protection insurance
So what exactly is income protection?
As we all know, life can serve us a curve ball and recovery from these unfortunate circumstances can take longer than we expect. Income protection is a salary replacement benefit which replaces a percentage of your income and can help you and your family with regular household outgoings, relieving the stress and burden that a wage deficit brings.
Getting back into work after such circumstances can be difficult, so we offer income protection policies with a variety of support services to help, regardless of the time it takes you to get back into regular employment.
Here are some top facts that you may not know about income protection:
- 93% of claimants in 2017 got a pay day thanks to income insurance*.
- Income protection starts from as little as £10 a month.
- In 2017, 46% of Aviva’s successful claimants were under 40. Income protection covers those on the rise, not just those at the top.
- Nearly 1 in 5 self-employed workers incorrectly believe they’re not eligible for income protection. We make sure you’re covered, so you can focus on growing your business
* (based on the top 12 UK providers)
According to the FCA’s Financial Lives Survey 2017, a mere 4% of the population have a form of income protection cover. Such a low uptake boils down to two main reasons: either people believe they don’t need cover, or they don’t trust the insurers to pay out. Whilst only you can really determine if you need cover (we’d suggest having an honest look at your savings, any dependents, outgoings and desired lifestyle),
But be warned, there are situations where income protection can’t be paid and non or partial payments are usually due to claims not meeting the policy definition or because the applicant has misrepresented themselves or their situation during the application.
How we can help?
We can assist with the application and demystify the policies for you, helping to ensure that you don’t expose yourself to pitfalls or unexpected problems when you’re at your most
Top tips when taking out a protection policy:
- check what existing policies you already have (such as death-in-service or income protection from your employer).
- make sure all the details you have provided are correct, as this determines what cover can be offered and incorrect information may affect your claim.
- Read the policy and note down any bits you’re unsure of so you can get your Protection Specialist or insurer to clarify them in writing.
Just give us a call on 0330 135 8047 drop us an email on info@prestigemortgagesolutions.co.uk, or book an appointment online by clicking here.