Confused By Income Protection

Income protection misconceptions

Many homeowners are still unsure exactly what income protection insurance covers and could therefore potentially miss out on the valuable financial support this protection gives during difficult times.

Confusion around cover

Research shows that more than a quarter of homeowners wrongly believe income protection policies do not cover mental health conditions. There is also further confusion around eligibility, with some people incorrectly assuming self-employed workers cannot take out cover or that multiple claims are possible. These misconceptions could prevent households from putting appropriate financial protection in place.

More support than people realise

Income protection insurance is designed to provide regular payments if illness or injury prevents you from working. This support can help households continue covering mortgage payments, bills and other essential living costs.

Policies can often cover a wide range of conditions, including both physical and mental health issues, although terms and exclusions will vary between providers. We can help you understand the options available.

As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage.

Source: https://healthcareandprotection.com/vast-majority-of-brits-confused-about-what-ip-covers-lifesearch/