According to a recent study by Shelter, more than a third of families could not cover household costs for more than a month in the event of a job loss (Guardian, 2016).
The Guardian also points out a study of working age adults that suggest 16.5 million of us have no savings at all. In the event of job loss, income protection can be a vital source of stability between jobs.
At Grange Mortgages, we encourage our customers to consider income protection when they are looking for a mortgage. The costs vary depending on circumstances, but monthly premiums can be very reasonable, and provides some security for you and your family whilst your circumstances change. It’s not only homeowners who should consider income protection either. For those still renting properties, income protection can provide a monthly income whilst you’re seeking alternative employment, or if you’re unable to work because of illness.
We’ve worked out a sample cover plan, based on a few assumptions. For a male aged 35, non-smoker, providing cover of £750 per month, which kicks in after 6 months from being unable to work and would pay out for a maximum period of 2 years (or less if you return back to work sooner). The cover runs up to age 68. The Premium is £7.72 per month with LV. That represents incredible value for your family, to cover costs during difficult periods.
Grange Mortgages teams up with Vitality Life to bring you a range of great products and benefits that can help you lead an active, healthy lifestyle and get value from an income protection policy, such as cheaper gym memberships and cheaper cinema tickets.
Call through to our team on 01604 877999 to see what your choices are.