Flexible Lifestyle Protection for Tenants
i:protect Lifestyle Protection Insurance for Tenants differs from Mortgage Payment Protection Insurance (MPPI) and Loan Payment Protection Insurance (PPI) as it allows total flexibility in covering the outgoings that are important to you:
Cover you want...
i:protect Lifestyle Protection Insurance for Tenants can be used to cover 65% of your gross monthly income or £1,500 whichever is the lesser amount. Ultimately you can use i:protect Lifestyle to cover your most important monthly outgoings such as your rent, or any other larger monthly financial commitments you may have.
Alternatively you can use i:protect Lifestyle to supplement any existing Loan Payment Protection Insurance that you may have. For example your Payment Protection Insurance (PPI) policy may cover just your loan repayment in the event that you are off work through Accident, Sickness or Unemployment. Now what would happen if you were off work through unemployment? Your PPI policy certainly wouldn't cover the cost of running a car as an example, seriously hindering your mobility when looking for work.
Lifestyle Protection Insurance for Tenants can be tailored to cover your income, fill a gap in your protection cover or cover a series of monthly outgoings that are most important to you.
Monthly benefit when you need it...
It is important to consider when the best time for your benefit to start in the event of being off work through an Accident, Sickness or Unemployment. i:protect Lifestyle Protection Insurance for Tenants allows you to select the period of time that is most suitable for you and for each part of the policy whether it is the Accident, Sickness or Unemployment Cover.
When deciding the excess periods that are most suitable for you, take into account how much help you get from your place of work and how much of your savings you are prepared to use if the worst came to the worst and you were off work for a long period of time.
For example you may get two fully paid months of sick pay from your employer so it would be prudent to select a 60 Day Excess period, meaning your Accident/Sickness benefit would get paid just after you stop receiving sick pay. You may only receive one month of pay if you were to be made redundant so it would be sensible to have the Unemployment Benefit start to be paid after a 30 day Excess period.
Flexible waiting periods can often lead to cheaper premiums as the longer the excess period the cheaper the premium is. So why pay for a Payment Protection Product that is inflexible and doesn't match your own unique circumstances?