Finance Articles

Income Insurance Mortgage Protection Explained

Income insurance mortgage protection is sold as income payment protection and along with providing you with an income to cover your mortgage repayments it would also help you to keep on top of all other outgoings. It is part of a family of payment protection polices and it should not be confused with a similar named protection policy called income protection insurance.

Income protection insurance would also enable you to keep paying your mortgage and all other outgoings. However the terms of the policy are very different from income payment protection. With income protection insurance you would not be able to claim on the policy if you were made redundant. You would be able to put in a claim if you were to find yourself not being able to work after becoming ill or if you were to be involved in an accident. One of the biggest differences between the two policies is when it would payout and for how long. With income protection insurance you would have to wait longer before the policy would start but when it did it would continue to payout for up to retirement age if it was needed.

Income payment protection is taken out as a short term solution to losing your income due to accident, sickness and unemployment. The policy would payout depending on the terms set out by your chosen provider. Some providers would begin to pay you benefit that was tax-free once you had been unemployed or incapacitated for between 30 and 90 days. Once the policy had commenced it would pay for a period of time and then it would cease. This again is dependent on the provider and is usually between 12 months or 24.

Income insurance mortgage protection as the name suggests, is there to ensure that you would be able to keep up with your biggest outgoing, your mortgage. You would not have to worry about the lender seeking to repossess your home if you cannot come to an agreement. While lenders will usually do there best to help you in the short term if you cannot show when you would be able to catch up or if you continue to miss payments then the lender could take you to court to take possession of your home.

If you had loan repayments each month that you had to keep up with then you would also be able to use the policy to continue paying these. You would be able to avoid earning yourself a bad mark against your credit file. If your credit rating was affected by missing loan repayments then getting credit of any kind in the future could be almost impossible. In the worst case the lender could take you to court and this could mean you would gain a County Court Judgement against you. You would of course be able to continue meeting all other payments which generally kept the home running and would not have to worry about where you would find the money to feed your family. Income insurance mortgage protection would allow you to concentrate on finding work again or to get well and get back to your job.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income insurance mortgage protection.

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