Income protection (IP) insurance is a type of insurance that can help to replace your income if you are unable to work due to illness, injury, or redundancy. It could be a valuable financial protection for homeowners, especially in 2024.
The rising cost of living
The cost of living is still increasing in 2024, and this is putting additional pressure on household budgets. If you are unable to work due to illness or injury, this could have a significant impact on your finances. Income protection insurance could help to protect you from this risk.
What are the benefits of income protection insurance?
- It could provide you with peace of mind, knowing that you are protected if you are unable to work.
- It could help you to maintain your standard of living, even if you are unable to work.
- It could help you to repay your mortgage if you are unable to work.
- It could help you to protect your family's financial future.
What questions should I ask when getting income protection insurance?
- What is the maximum amount of cover that I can have?
- What is the maximum benefit period?
- How long will it take for the policy to pay out?
- What are the exclusions?
Can I get IP if I have a mortgage?
Yes, you can get IP if you have a mortgage. In fact, IP can be a very important part of your mortgage protection plan. Your mortgage lender may require you to have IP in place before they will lend you money. They may also offer you the option to take out IP through them.
What happens if I claim on my IP policy?
If you claim on your IP policy, you will need to provide your insurer with medical evidence to support your claim. You may also need to provide them with proof of your income loss. Once your claim is approved, you will start to receive payments from your insurer. These payments will typically be made monthly.
Income protection insurance is a valuable financial protection for homeowners in 2024. It can help to protect you from the risk of losing your income if you are unable to work.
Speak to a mortgage adviser today to discuss whether Income Protection is the right option for you.
Contact us on 0345 2185211 or email info@justmortgages.co.uk
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