Income Protection Insurance got designed to pay out a monthly benefit if you are not able to work due to sickness or accident. The applicant can decide along with the help of their mortgage Advisor in Hull how much cover to take out.
Additionally, how long they are prepared to wait before they are entitled to put a claim in. Income Protection insurance can be costly compared to taking out Life Insurance in Hull. As you are much more likely to be unable to work due to illness than pass away.
The monthly benefit will continue to get paid out until you return to work unless you have selected the “Budget” version of the policy. It usually only pays out for 24 months but is considerably cheaper.
The considerable advantage of Income Protection Insurance is that unlike Critical Illness Cover it pays out for whatever is preventing you from working. In Contrast to Critical Illness which is just a list of specified illnesses.
This sort of policy is prevalent amongst the self-employed and also employed applicants who do not benefit from Employer sick pay schemes.
It’s essential to us that all of our customers get given an equal opportunity to take insurance through ourselves. We offer all of our customers a free, no-obligation protection review.
That’s where we’ll discuss with you why having Mortgage Protection Insurance is essential to have in Hull and have a look at any existing policies you have in place and assess their suitability.
We’ll then recommend which products, including critical illness and Income Protection that meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.