Income Protection Insurance

Protect Your Income with Income Protection Insurance

Owning a home is one of the biggest financial commitments you’ll ever make. As a homeowner, maintaining mortgage payments should be a priority — but what happens if you’re unable to work due to illness or injury? This is where income protection insurance comes in.

At Sunnybank Financial Solutions we understand the importance of securing your financial future. Income protection for mortgage holders is designed to ensure you can meet your financial obligations even when you can't work due to unforeseen circumstances. Learn why income protection is an essential part of your financial planning.

What is Income Protection Insurance?

Income protection insurance is a type of cover that provides you with a regular income if you become unable to work due to illness, injury, or accident. It can be a lifeline, helping you stay on top of your mortgage payments and other essential bills, even if you can’t work for an extended period.

Whether you're self-employed, employed, or have a family to support, income protection ensures that your income continues while you focus on recovery.

Why Do You Need Income Protection?

1. Protect Your Mortgage Payments:

As a homeowner, your mortgage is likely to be one of your biggest financial commitments. Without income protection, illness or injury could put your home at risk. Income protection ensures that, even if you can’t work, your mortgage payments will still be made, preventing the possibility of repossession.

2. Financial Peace of Mind:

Income protection gives you peace of mind knowing that you can focus on recovery without stressing about how to make ends meet. It provides an essential safety net, reducing the impact of financial pressure during difficult times.

3. Avoid Using Savings or Reducing Pension Contributions:

Without income protection, many people are forced to dip into their savings or stop contributing to their pension plans to cover their mortgage and living expenses. This can jeopardise long-term financial stability. Income protection ensures that you can keep your savings intact and continue saving for retirement.

4. Tailored to Your Needs:

Income protection policies can be tailored to your individual circumstances, ensuring that the level of cover is appropriate for your lifestyle and mortgage requirements. Whether you have a joint mortgage or are the sole breadwinner, we can help you find the right solution.

How Does Income Protection Work?

1. Income Replacement:

Income protection pays a percentage of your monthly income, often up to 70-80%, while you’re unable to work. This allows you to continue paying your mortgage and covering other expenses.

2. Waiting Period:

Typically, there is a waiting period before payments begin, typically ranging from 4 weeks to 12 weeks. You can select the waiting period based on your needs and your available savings/employer sick pay, to cover the initial period of illness or injury.

3. Payment Duration:

Income protection benefits are usually paid out for a fixed period or until you’re able to return to work. Some policies offer long-term cover, which can last until retirement age if necessary.

Who Needs Income Protection?

Income protection is suitable for homeowners, self-employed individuals, contractors, or anyone who relies on their income to maintain their lifestyle and meet financial commitments.

If you:

• Have a mortgage or other financial commitments
• Are the primary earner in your household
• Want peace of mind knowing that your income is protected

Then income protection is a smart and responsible choice.

The Benefits of Choosing Sunnybank Financial Solutions for Income Protection

At Sunnybank Financial Solutions, we’re committed to helping you secure the best possible financial protection for your home and family. When you choose us for income protection, you’ll benefit from:

• Expert advice: We will guide you through your options and help you find the best policy for your own individual needs.
• Competitive rates: We work with trusted insurers to provide you with the most cost-effective solutions.
• Personalised service: We’ll tailor a policy that suits your income, lifestyle, and mortgage needs.

Get Started Today

Don’t leave your financial security to chance. Protect your home, your mortgage, and your family’s future with the right income protection insurance.

Contact us today to discuss your options and get a free, no-obligation quote. Let us help you secure peace of mind and ensure you’re covered, no matter what life throws your way.