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Income Protection Insurance

If you are ill then also you do not want to be unemployed but more people now realize that during recession such occurrences will be frequent As you become jobless, your income disappears. In case you do not have enough savings for this kind of situation Payment Protection Insurance is the solution you should look to.

Payment Protection Insurance is a single term for the following insurance plans: Income Protection Insurance, Redundancy Insurance, Mortgage Protection Insurance, Unemployment Insurance and Sickness Insurance, and during any ailments you can take financial help from these schemes.

These policies will allow you to continue to meet your monthly financial commitments until you can get back to work. In brief, Mortgage Protection or Income Protection plans help you to keep a part of your income (up to a maximum) . If you were made redundant, you could rely on the extra amount covered by the policy and you could receive monthly payments for the next consecutive 12 months whilst you are not working .

After 12 consecutive months, if you have not returned to work, the payments would stop . You have to work for 6 months after finding work to be eligible to make a claim again. This is mainly a protective cover to help you maintain your family and life while you are in the process of recovery or searching for a suitable job.

Policies of Mortgage Protection are primarily to help those people who need to protect their mortgage payments.