Income protection.
A regular monthly income if illness or injury stops you working. Think of it as your own sick pay scheme.
What is income protection?
Income protection is an insurance policy that pays a monthly benefit if you are unable to work because of an accident or illness. That can include mental health conditions.
The benefit is usually set as a proportion of your earnings. Payments start after a waiting period that you choose when you take the policy out, and continue until you can return to work or the policy's payment period ends.
It does not cover you if you are made redundant.
Who is it for?
Anyone who earns an income and has bills to pay, or a family that relies on that income.
Ask yourself how long your employer would pay you if you could not work, and what you would do after that. If the answer is Statutory Sick Pay, it is unlikely to cover a mortgage or rent, bills and food.
Income protection is especially worth considering if you are self-employed, with no employer sick pay at all.
How we help.
There is a lot to consider: the type of policy, your budget, the work you do, how soon you need payments to start and how long you want them to last.
We carry out a full review of your circumstances, including any existing policies and any sick pay you already get. Then we search our panel of insurers for a policy that meets your needs within your budget and make a recommendation.
We take care of the application, the underwriting and any medical reports.
What happens next.
Book a free call
We talk about who and what you want to protect, your budget and any cover you already have.
A full review
We look at your circumstances, your health and lifestyle, and any existing policies.
Our recommendation
We search our panel of insurers and explain the cover we recommend and what it does and does not include.
We handle the rest
The application, the underwriting and any medical reports. We keep you updated until cover is in place.
Policies have terms, conditions and exclusions. We will explain what is and is not covered before you go ahead. If you stop paying premiums, your cover will usually end.
Common questions about income protection.
How soon does income protection start paying?
After the waiting period you choose when you take out the policy, sometimes called the deferred period. A longer wait usually means a lower premium. We help you line it up with any sick pay you get from your employer.
Does it cover redundancy?
No. Income protection covers illness and injury that stop you working. It does not pay out if you are made redundant.
Do protection policies actually pay out?
Like any insurance, a policy will not pay out if important information was not disclosed on the application, or in cases of fraud. Otherwise, if the claim is for something covered by the policy terms, it should be paid.
That is why we take care over the application with you, so that what the insurer knows is complete and accurate.
Have a no obligation chat with us.
So that we can identify your options and the best next steps, book a free call. We will learn about you and your circumstances and put together a plan.