How to cover more than just your mortgage?

Although mortgage repayments often appear the most important out-going to protect, if suddenly you stop earning your income, how are you going to pay for food, utilities, council tax and other bills?

Mortgage protection (MPPI) can look after your mortgage, but for more comprehensive cover and peace of mind, you need Income Protection (IP) as well.

Income Protection with Ant works in a similar way to Ant's Mortgage Protection, and at a similar cost. You can cover up to an additional £1000 (or 50% of your income - whichever is lesser) and in the event of a claim we will pay the money directly into your account for you to spend however you wish. Our customers tend to take Mortgage Protection to cover their mortgage and then 'top up' their cover with Income Protection.

So I can take Mortgage Protection AND Income Protection?

Yes you can. But there are some limitations.

•You can protect your mortgage (with MPPI) up to £1500 or 65% of your gross monthly income (whichever is the lesser).
•You can protect a portion of your income (with IP) up to £1000 or 50% of your gross monthly income (whichever is the lesser).
•BUT PLEASE NOTE, that COMBINED, your Mortgage Protection and Income Protection must not exceed £1500 or 65% of your gross monthly income (whichever is the lesser).

That sounds complicated. What does that mean for me?

Here's an easy guide to working out the maximum cover you can apply for: -

Step 1: Work out and write down 65% of your gross monthly income (up to £1500)

Step 2: Write down your monthly mortgage repayments

Step 3: Take Amount 2 from Amount 1 to make Amount 3

And we're done!

• Amount 2 is how much you can cover with MPPI*
• Amount 3 is how much you can cover with IP**

*please note that the maximum cover for MPPI is £1500, or 65% of your salary - whichever is the lesser

*please note that the maximum cover for IP is £1000, or 50% of your salary - whichever is the lesser