Life Insurance Protection for People who rent
Life Insurance Protection for People who rent.
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 have Life Insurance.
What is Income Protection?
There are a range of products 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. Income Protection vs Critical Illness cover?
Income Protection 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.
3. How does Income Protection 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 there will 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.
If you wish to 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