When you are employed everything seems fine, you have a monthly, weekly or daily income. All your bills are paid on time and in most cases you wont even think about it. What happens if your are injured, become ill or lose your job? Can you survive, will the bills be paid? Could your mortgage carry on being paid? In most cases, the answer is no and that is why you need income protection insurance.
Can i make the income protection cover cheaper?
It is possible to choose different options of cover for your income protection. Firstly you could just have unemployment cover only, or maybe just disability cover only. This may reduce your premium from the full cover but it does limit your options.
What is the difference between mortgage payment protection and income protection insurance?
Mortgage payment protection is designed to cover specific payments that your make on a monthly basis, for example your mortgage or rent. Income protection insurance pays you a salary when you are not at work up to a maximum amount for the lifetime of the policy or untill you get back to work.
