Why mortgage clients need income protection

'The risks for going off work sick are far higher than dying or becoming critically ill'

clock • 6 min read

That far more life and CI cover is taken out by mortgage applicants compared to IP is a 'strange paradox'

Could it be possible that the protection industry might have made a mistake?  What I'm talking about is the phrase ‘mortgage protection'. When you say the words ‘mortgage protection' what protection insurance do you instinctively think of? You're probably thinking of life cover? Critical illness cover? Or perhaps decreasing term assurance? These are all insurance products that provide a lump sum to repay the mortgage in full should one of the mortgagors die or suffer a critical illness during the term of their mortgage. These products are important and worthwhile for people taking out...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Income Protection

Partner Insight: New Age of Income Protection

Partner Insight: New Age of Income Protection

From Love Island to loving income protection, for Gen Z income protection should be "100% my type on paper", however, also like on Love Island, this does not guarantee compatibility.

Julie Thompson, Protection Proposition Manager, Scottish Widows.
clock 03 December 2024 • 6 min read
Iress adds ex-smoker questions to IP service

Iress adds ex-smoker questions to IP service

Additions to The Exchange

Cameron Roberts
clock 28 November 2024 • 1 min read
Half of parents able to get by for six months without income

Half of parents able to get by for six months without income

Vitality research shows

Jaskeet Briah
clock 25 November 2024 • 1 min read