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Income Protection & Mortgage Payment Cover
Sometimes referred to as mortgage payment cover, disability insurance, permanent health insurance or income replacement, income protection provides a regular tax free income if you are unable to work due to accident or sickness. It is available both to the employed and self employed.
Level term life insurance
Provides a fixed lump sum payment should you die within a specified period of time. >>MORE
* The policy typically pays out around 50% of your net annual income.
* Payments are typically paid on a monthly basis and can be level or inflation linked, depending on the policy.
* There is commonly a 'waiting' or 'deferred' period before payments kick in; this is set at the outset.
* Typically, the longer the deferred period, the cheaper the policy.
* The cost of the policy is determined by your age, occupation, state of health and level of income protected.
* Once they begin, payments continue until the policy expires or the insured person dies or returns to work.
* In many cases, a policy will have a fixed term - usually to the standard retirement age - after which payments will cease.
* As a term assurance policy, income protection has no investment element and no cash-in value at any time.
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Mortgage Payment Protection
Sometimes referred to as ASU (accident, sickness, unemployment) or MPPI (Mortgage Payment Protection Insurance), Mortgage Payment Protection protects your mortgage payments if you are unable to work for a period of 12-24 months. >>MORE
* Payments typically start when the policy holder has been unable to work for 30 or 60 days (depending on the specifics of the policy).
* Payments typically continue for between 6 months and 2 years, or until the policy holder returns to work.
* Most policies do not provide unemployment cover for casual workers, part-time workers or the unemployed.
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Family Income Benefit
This is a low cost term assurance policy which pays a set income in the event of the death of the policy holder. >>MORE
* The tax free income payment is made to a future specified 'end date' agreed when the policy is first taken out.
* It is often used to replace income of the main earner in the event of their death until the last dependent child has reached 18 years of age.
* The income payment can be paid annually or as a lump sum, depending on the specifics of the policy.
* Family income protection can be surprisingly cheap as the policy is on a 'decreasing basis' - the amount that the insurer has to pay out diminishes the closer the policy gets to its end date.
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You can download a guide to income protection and mortgage payment cover, as well as other useful information from our research and information centre.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Call us to discuss income and mortgage payment protection options, fill in the enquiry form below or request a call back. Young Finance also offers a range of life and critical illness policies.
Current Bank Rate
0.5% - Next due: 05 Aug 10
Current Inflation (CPI)
3.2% - Next due: 17 Aug 10
3-month Sterling LIBOR
0.73344% - 13 July 10
