Income Protection Plans provide cover to prevent your mortgage from going into arrears and eventually having your home repossessed by providing assistance in making mortgage interest repayments when a person is sick. This type of policy is designed for long term cover and can cover for up to 65% of your gross salary (excluding bonuses or car allowance).
The deferment periods available are 4, 13, 26 and 52 weeks and the expiring age can go up to retirement (50 – 75 years).
Accident, Sickness, Unemployment Insurance and Mortgage Payment Protection Insurance provides cover to prevent your mortgage from going into arrears and potentially having your home repossessed. Accident Sickness, Unemployment insurance provides assistance in making mortgage interest repayments if you have an accident, are sick or are made redundant. This type of policy is designed for short term cover and renewed annually.
It is possible to base an income protection product on your income rather than your mortgage payments.
Plus, an option is to have an additional 25% of cover to cover regular monthly commitments such as home insurance etc. Cover is available for up to 65% of your gross salary (excluding bonuses or car allowance).
Also it is possible to have a solely Accident and Sickness policy or a solely Unemployment policy.
The deferment periods available are 4 or 13 and are available for a period of 12 or 24 months. Policies can be arranged to rise with inflation and Back to Day One cover option also available.