Life Insurance Protection for Renters
Life Insurance Protection for Renters
If you rent your property, you will still need the same protection as someone who has a mortgage. Financial Foresight understand that every person is different, and that it may not be possible for everyone to get a mortgage due to a range of factors. We also understand that just because you don’t own a mortgage, it doesn’t mean you should not be protected. We have outlined a couple of main reasons why you should have the appropriate life insurances i.e Income Protection in place to protect yourself, and your family.
1. What is Income Protection
There are a range of products within the life insurance sphere which will help protect your income, to help pay your bills should you become unemployed due to illness. Income Protection in particular will pay out a monthly income of your choice, if you can’t work because you are either ill or become disabled.
2. How does it provide cover?
This protection will pay out until you either; retire, die or the end of the policy terms which ever is sooner. With this type of plan their will often be a waiting period before the payments start. This can be set after your sick period ends, the longer you wait – the lower the monthly premiums will be.
3. Income Protection vs Critical Illness cover?
This type of cover will cover most illnesses that leave you unable to work – either in the short or long term, and you can claim as many times as you need to while the policy lasts and your premium will not change when you go back to work. Be aware Income Protection is NOT the same as Critical Illness insurance – you will not receive a one off lump sum if you have a specific serious illness. Income Protection depends on getting the right policy.
Therefore, it is prudent that you speak to one of our expert life insurance specialist today on 028 9332 2822 or email simon@financialforesight.co.uk.
Source:https://www.moneyadviceservice.org.uk/en/article/do-you-need-income-protection-insurance