Cover: Protect your biggest investment with Income Protection

When someone buys a property, it is likely the biggest purchase of their life, yet most people don't go to the appropriate lengths to protect their investment.

Mortgage payments are expensive, particularly considering rising interest rates. Homeowners are required to work for most of their lives to fund their mortgages. Yet, if they were to fall ill over many months, they would risk losing their most prized asset.

People that cannot work rely on savings, government support, or family for help. However, in most cases, these options will not be enough to cover mortgage payments, particularly if they are out of work for an extended period of time. Charlie Gray, National Accounts Manager at National Friendly, highlights that this is where Income Protection comes in as the most sensible solution.

For the cost of a monthly premium, Income Protection can support individuals should they fall ill beyond the timeframes supported in their contract with their employer. Yet even though Income Protection is an effective solution to help cover mortgages, it is not widely adopted. Only a small percentage of the population have an Income Protection plan, while around 37.5% have a mortgage or loan for their property, according to Money.co.uk.