Income Protection Insurance is designed to pay you a regular tax-free monthly income if you become unable to work due to illness or injury.
Income Protection Insurance pays out a regular tax-free replacement income if you become unable to work because of illness, injury or, with certain policies, unemployment.
It could help you keep up with your mortgage repayments and other living costs until you’re able to return to work.
Policies have a waiting period before they pay out, which begins when you become unable to work. The longer the period chosen, the lower your premium. It’s a good idea to find out what your employer would pay you, and what state benefits might be available so you can choose an appropriate waiting period.
The premium you’ll pay will vary depending on your age, health and job, as well as the level of income you wish to protect.
If you become ill or suffer an injury during your working life, an Income Protection policy can help protect against any possible loss of income, and speed your return to work.
Income protection pays out a monthly figure that can be around 60% of your annual income earned.
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Eureka Mortgages Bristol is a trading name of Eureka Financial Solutions Ltd, an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Eureka Financial Solutions Ltd is registered in England number 11567337.
Conveyancing, Commercial Finance and some Buy to let mortgages are not regulated by the Financial Conduct Authority.