Considering your housing costs after a loss of income
Rent or mortgage payments continue when your income changes. An overview of income, provisions and financial reserves helps you understand which risks your household can bear.
How sensitive is your budget?
Start with recurring monthly spending and the income your household relies on. Consider what happens if one income falls temporarily or for longer. Include other regular costs too; the mortgage payment alone does not show how much financial flexibility remains. The purpose of the conversation is to make the consequences clear before choosing a solution.
Review existing provisions first
Your employer, benefit schemes, other insurance and own funds may each play a part after a loss of income. The nature and duration of these provisions vary by circumstances. Do not assume a standard income replacement percentage for everyone. Review what is available to you, which conditions apply and how long your buffer can bridge the gap.
Include expected changes such as a new job, self-employment or fewer working hours. An overview suited to your previous working circumstances may not provide the same insight in a new situation.
Insurance has conditions and limits
Housing payment protection insurance may be relevant to certain income risks, but it does not guarantee that housing costs will be paid after every loss of income. Read which events are insured, when a benefit starts, how long it may continue and what is excluded. The premium, sum insured and application assessment form part of the decision. The policy determines what must be demonstrated when making a claim.
- Which causes of income loss are insured?
- What waiting or deferred period applies?
- What are the benefit amount and maximum payment period?
- Which exclusions and application conditions apply?
Consider solutions beyond insurance
A different distribution of costs, a larger reserve or more suitable financing may also be topics for discussion. Which steps are relevant to you depends on your personal information and wishes. Do not draw a conclusion from one online example. Your budget, existing provisions, risks and the costs of potential solutions need to be considered together.
Discuss a sensitive subject carefully
You can bring your question about housing costs and loss of income to RFD. Begin with the circumstances you want to review; we agree which information and services are needed. The Risk protection service comparison card provides information about financial services and does not replace policy terms.
Do not send medical information through general email or a public website form. If an insurance application requires sensitive information, follow the secure instructions of the party responsible. This page provides no personal advice or confirmation of benefits.
Services and comparison documents
The service comparison document describes our financial services and the stated costs. We agree the services and costs for your enquiry with you personally.
Frequently asked questions
Will my mortgage always be paid if I lose my job?
No. Whether insurance pays depends on the insured event and terms. Existing provisions and your own circumstances also need to be reviewed.
What does a waiting period mean?
A policy may have a period during which no benefit is paid. The exact meaning, duration and application are set out in the terms of the insurance concerned.
Do I need insurance if I have savings?
This cannot be determined in general. Your buffer, regular costs, existing provisions and the risks you want to bear must be discussed together.
Can I send medical documents by email?
Do not use a general contact channel for this. First discuss which information is required and follow the secure submission method provided by the responsible party.
This is general information, not personal insurance advice or confirmation of insurance cover. What is suitable and covered depends on your circumstances and the policy terms. Read the disclaimer.
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What would you like to discuss?
Have a question about your mortgage, insurance or finance? We are happy to help.