YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTAGE.
The mortgage will be secured by a charge on the property of the customer.
With one million Brits unable to work each year, that's one million families losing one of the main streams of income into their homes and in some cases, the only stream of income. Without sick pay from their employer, those unable to work would be looking at an income of £5,688.80 a year. However, by taking out an Income Protection Policy, we can make sure that around 60% of your income is still coming into your household.
So, your workplace pays sick pay, you're covered then, right?
Not necessarily, it's important that you look at how much your company pay and for how long. Your company may offer sick pay as part of their employee benefits package but if that only lasts three months, you should look into providing yourself with further financial protection.
What About If I Have Savings?
Well, of course, you could dip into your savings but we think your savings should be for what you want to enjoy and not spending on gas, the food shop and water bills! If, however, you did want to rely on your savings, make sure you consider how much you have in your account and how much you spend each month on necessities. If your calculations see your savings running low pretty quickly, look into taking out an Income Protection Policy.