Types of Protection Insurance – the options
Many people ask us which protection product to choose. There are
three products to choose from and for each of those products you
can select different levels of cover, depending on your needs.
The three types of protection we offer are:
1. Income Protection -
allows you to safeguard any of your outgoings, including council
tax, rent, loans and even your shopping bills.
You can cover a maximum amount of £1,500 or 50% of your gross
income, whichever is the lesser.
2. Mortgage Protection
– this covers just your mortgage and up to 25% of related expenses,
such as your life insurance premiums.
You can cover a maximum monthly mortgage payment of £2,000 or
50% of your gross income.
3. Loan Protection –
this is specifically designed to cover your loan(s) repayments.
You can cover up to a maximum of 125% of your monthly loan
repayment or £1,000 or 50% of your normal gross income whichever is
the lesser amount.
Options for cover:
For each of the types of protection insurance above, you can
select what event/s you want to be covered for:
1. AS (Accident and Sickness) - covers you if
you are unable to work due an accident or illness.
2. U (Unemployment) - covers you in the event
of redundancy or if you have to leave your job to become a full
time carer for a member of your immediate family.
3. ASU (Accident, Sickness and Unemployment) –
covers all three.
As standard, life and terminal illness cover are included in our
Loan Protection policy.
Take a look at our video
about different types of Protection Insurance.