Income Protection

Income Protection Insurance

Taking on a mortgage or loan as part of your self build project is a huge commitment. If something was to happen to you or your spouse have you considered how the repayments would be made?

Why do I need Income Protection Insurance?

By taking out income protection with Self-builder your repayments would be covered were you to suffer from a critical illness or even death. There are various types of income protection insurance to consider and each has different benefits, these include critical illness cover; permanent health insurance and life insurance cover.

Critical Illness Cover

If you are embarking on a self build project and taking out a loan or mortgage to complete it, you will need to prepare for all eventualities. What would happen if you were to fall ill and be out of work for any given amount of time? If you take out critical illness cover a lump sum in the event of diagnosis of a specified critical illness will be paid out that will help you to cover the costs of your repayments. The term of cover can be linked to the loan/mortgage commitment or could be for the length of the self build project.

Permanent Health Insurance

Protect you and your family from the financial impact of illness or injury by taking out permanent health insurance with Self-builder. Such policies provide a replacement income if you are unable to work for a continuous period of either 13, 26 or 52 weeks – the income protection plan will be tailored to meet your requirements. When arranging permanent health insurance you would select the level of income and the period after which the benefit is paid – your needs will be dependent on your employment sick pay terms. Short term disability cover is also available with benefits payable after 7 days for a maximum of 104 weeks.

Life Insurance Cover

It’s important to think about how your family would cope financially if you were to pass away, leaving them with a mortgage or loan to repay. By taking out life insurance mortgage cover with Self-builder you’ll be provided with the reassurance that your mortgage life cover would pay a cash lump sum to your loved ones on death. The amount is usually geared to the level of financial commitment and is subject to how long the commitment lasts for. If you’re taking out a mortgage or loan to fund your self build property, protect your family from unexpected financial struggles with a self build life insurance policy arranged through Self-builder.

Contact us about Income Protection