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There are a number of protection products that can pay you a monthly benefit if your usual source of income reduces or stops. Some policies will require medical screening on application, whereas some will screen at the point a claim is made.
- Income Protection - This is an insurance policy that will replace part of your normal income if you are unable to work due to illness or injury, including becoming disabled. It will pay out until you are able to return to work, until your retire, die or the policy term expires. There is usually a waiting period before the policy will start paying you after you become unable to work. You can claim as many times as you need to during the period of the policy. It is especially useful for self-employed and employed people who don't have an occupational sick pay scheme to rely on. You don't need to have a mortgage in order to have an income protection policy.
- Accident, Sickness and Unemployment Insurance - This is a form of payment protection insurance and will pay your mortgage for you in the event that one of the insured events happens. Most policies won't cover the first 90 days that you are unable to work. These policies are linked to a financial commitment such as your mortgage.
For more information and to discuss your requirements, get in touch with us.