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for Mortgage Payment Protection
- Rates per £100pm benefit
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| UNEMPLOYMENT ONLY from £0.60p Unemployment only Income Protection. Back to day 1. No excess period. |
ACCIDENT & SICKNESS ONLY from £0.60p Accident & sickness only Income Protection. Back to day 1. No excess period. |
COMBINED ASU from £1.15p Combined ASU Income Protection. Back to day 1. No excess period. |
Mortgage Protection, Loan Payment Protection, Income Protection. What is the difference?
Loan Protection Insurance and Mortgage Protection Insurance are well known to consumers but income protection insurance is less well known. The fact is however that income protection insurance is a far more flexible and useful product. For example with mortgage protection and loan payment protection you must have a current loan or a mortgage in place and once the loan or mortgage period ends, so does your protection. This is not the case with income protection insurance, as the policy is not tied to any mortgage or loan agreement, and the amount you can cover is based solely on your net income, you can cover a monthly amount that is not confined to just your mortgage or loan commitment and keep the insurance policy through to retirement age. Consumers that rent their property may also use income protection insurance as rental insurance by selecting the amount that matches their rental outgoings and those with Credit card debts can use their income protection insurance as credit card insurance.We have been in business selling loan payment protection and mortgage protection for six years but in June 2006 we made the decision to only sell income protection insurance because we felt this was a more useful and flexible product for consumers allowing them to protect their lifestyle rather than just their home and we can now offer income protection insurance at the cheapest standalone rates available. Consumers that wish to buy loan or mortgage protection alone can continue to do so using income protection insurance as the maximum benefit amount is based on income and therefore consumers can choose to protect only their mortgage or loan repayments rather than use their maximum income benefit to protect all their monthly repayments. Because some consumers find the concept of income protection difficult to understand, we have continued to use the title of loan protection or mortgage protection as income protection insurance does cover loan protection or mortgage protection by allowing you to protect mortgage or loan repayments if you choose to spend the benefits for that purpose.
Income protection ASU may suit those who wish to cover their personal loan repayments, mortgage repayments and other regular bills against accident, sickness & unemployment income protection insurance for loans, mortgages etc. ASU.
Income protection AS only may suit those whose who wish to cover their loan repayments, mortgage repayments and other regular bills against accident & sickness but not unemployment to protect the repayments Income protection insurance for loans, mortgages and other regular bills accident & sickness only.
Income protection U only may suit those who wish to cover their loan repayments, mortgage repayments and other regular bills against unemployment but not for accident & sickness Income protection insurance for loans, mortgages and other regular bills unemployment only.
Authorised and regulated by the Financial Services Authority No. 313773
