Income protection that’s the security you need
Income Protection Insurance is a long-term insurance policy to help you if you can’t work because you’re ill or injured. As the name suggests it protects your income and as that income lasts throughout your working life, the term generally coincides with the clients chosen retirement date. Quite often though, it is sold in conjunction with a mortgage to protect the debt of the mortgage over the term of the mortgage.
Income Protection Benefit
- It replaces part of your income – if you can’t work because you become ill or disabled.
- It pays out until you can start working again – or until you retire, die or the end of the policy term – whichever is sooner.
- There’s often a waiting period before the payments start – you generally set payments to start after your sick pay ends, or after any other insurance stops covering you. The longer you wait, the lower the monthly payments.
- It covers most illnesses that leave you unable to work – either in the short or long term (depending on the type of policy and its definition of incapacity)
- You can claim as many times as you need to – while the policy lasts.
With 18 branches located all around Northern Ireland, you’re sure to find a local The Mortgage Shop near you! Come down and pay us a visit for all your income protection insurance needs.
The Mortgage Shop (NI) Limited undertakes credit broking and is not a lender. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Typically we do not charge a fee for mortgage advice, however if we do, depending on your circumstances, it will be a maximum of £250. You may have to pay an early repayment charge to your existing lender if you remortgage.