When your income stops, longer-term income replacement starts.
If you are unlucky enough to be struck down with a long term illness or disability, it is likely that your income will eventually stop. At this point, you might be able to rely on any savings and investments you have, until they ran out, but then what? An Income Protection Plan can start to pay you when your income either from your employer or from self-employment stops, and it will continue to pay you until you get better, die, or reach retirement age. It is not restricted, like a Mortgage Payment Protection Insurance or Accident, Sickness and Unemployment plan, to just your mortgage payments plus a bit more, as it is related to your salary (or net profits if you are self-employed), and can provide up to 65% of your gross annual income in the event of needing to claim.
Providing long term income replacement can be a very important part of the safety net pf protection plans everyone should have in place, as income underpins everything important to maintaining house and home.
Simply contact us to discuss your requirements, and we will research a large range of insurers to ensure your income continues, whatever happens to you in life.
INCOME PROTECTION or MORTGAGE PAYMENT PROTECTION?
Many people confuse Income Protection plans and MPPI / ASU policies as being the same product, when really they are two different insurance policies. You can use the comparison table below to compare them side-by-side.
It is possible to combine both an Income Protection Plan (IPP) and an ASU plan, so that you are protected for both the short term and the long term. A popular choice is to have an ASU plan to cover the first 12 months, and then an IPP plan to start after 12 months – the best of both worlds !