If you Rent a Property, Should you Protect your Income?
Updated: Mar 30
If you rent your property, chances are the rent takes up a large part of your income.
You only need to 'Google' this to find data that shows that your rent (as a proportion of income) ranges between 30% - 70%+ (the latter figure in London).
Your ability to earn income, shouldn't be taken for granted. There are many things in life that we have control over, but being off sick due to ill health or an accident is not one of them.
Imagine for a moment that you couldn't work long term because of a sickness or an accident. What would happen? How long could you continue to pay your rent, bills, food and other living expenses?
If you think that the state will provide for you, then you should go on to one of the many sites that calculate just how much you may be entitled to such as Turn2us or Entitledto as you may be shocked at just how little you will get compared to how much you need. NB. These links will take you away from the website of dsMortgages and I am not responsible for the information on these sites
Good News - You Can Protect Your Income
People with mortgages have had the ability to take out a cover that will protect their income if they are unable to work due to a sickness or accident for quite some time. Now, this is also available to people who rent and don't have a mortgage.
Legal & General have launched a policy that can pay up to 60% of your Income if you are unable to work due to sickness or accident and can pay out from as little as 2 weeks.
If you would like to learn more about this plan or get a personalised illustration please contact us by clicking this link
As with all insurance policies - Conditions and exclusions will apply