Income protection is a policy that will pay you a monthly income should your income stop due to any injury or illness. The great thing about this policy is that it doesn’t specify which illnesses or injuries it will pay out on. The only specification is that you’re unable to work due to your illness or injury and let’s face it… That’s when you really need it.

The policies are extremely flexible and can start and stop when you want them to and you can choose how much cover you’d like. You must get advice on these policies as there are many different moving parts that you must consider and you’ll need an expert’s opinion. The last thing you want is to find out your policy doesn’t pay out when you thought it would.

Critical Illness insurance will pay out a tax free lump should you be diagnosed with a critical illness during the term of your policy (typically this will be matched to the mortgage term). This can be used to pay the mortgage, pay other debts, seek private medical treatment or just enjoy life with your family…. In short, it’s up to you what you decide to do with the cover.

The critical illnesses are defined by a list from the insurance provider before you take out the cover. These illnesses could vary massively so it’s important you get advice on the right policy for you before you decide on a provider.

The most common critical illness that’s claimed on is cancer. We understand this really isn’t something you like to think about but the implications of not having cover before you commit to your mortgage could be severe.