Buying a home is a big responsibility, and it is something we appreciate you’d likely want to safeguard. Protecting your mortgage with the correct mortgage repayment insurance can help make sure your home stays in your hands if for some reason you can’t meet your repayments.
A suitable income protection plan might cover any illness, injury or health issue that doesn’t allow you to work and keep up with your mortgage payments. The amount of money you receive depends on the income protection policy.
You have the choice of two income cover options:
Mortgage cover pays up to 110% of your monthly mortgage repayments on your residential property. This will help with any interest rate rises, as well as additional expenses such as house and contents insurance or land rates.
Income protection covers up to 40% of your gross income, which means even if you are renting, you are still covered for your rent payments if you become sick or injured and unable to work.