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Income Protection

Do you need Income Protection insurance to safeguard your mortgaged home? This guide from the independent property insurance brokers covers all the pros and cons to be aware of.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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Income Protection

The Value Of Income Protection Insurance - What Does Income Protection Insurance Mean?

Income protection insurance provides a monthly pay out, usually equivalent to your usual monthly income, should you be unable to work due to injury or ill-health.

There are different types of cover, which can be either insurance that pays out a monthly sum until you can resume work, or reach retirement age, or shorter-term cover that provides a monthly payment for a fixed period.

For a fixed-term policy, this pay out usually is paid every month for between two and five years.

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How Does Income Protection Insurance Work?

Income protection used to be called permanent health insurance, and is a type of cover to help should you be unable to work due to a health condition. It is crucial to check whether any types of illness or injury are excluded from your policy.

Your cover will replace your monthly income, either until you retire or return to work, or until the end of the policy term on a fixed-term policy.

Most policies do not include a limit on the number of claims you can make during your working life. This means that you could claim each time you are unwell or injured, during the lifetime of your policy.

It is important to understand that most providers include a deferment period at the start of a new claim. This means that you need to select a policy with a short deferment period if you need a faster pay out and understand what sick pay or benefits will be provided by your employer in the interim.

Why Is Income Protection Important?

If you become very ill or incur a serious injury, how likely are you to be able to continue to work? Depending on your occupation this may be vital; for example, if your work is manual and an injury will render you unable to earn your income, how will you keep up with mortgage payments and regular outgoings?

Income protection provides peace of mind and is highly recommended if you do not have savings or other finances that can supplement your income if your ability to work is impacted.

This type of cover can also be combined with other insurances, such as critical illness cover. If you are interested in a comprehensive suite of insurances to protect you under any circumstance, give business loan broker a call and we will be delighted to help you understand all the options!

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked

Life insurance policies pay out in the event of your death, or if you are diagnosed with a very serious illness that renders your life expectancy at under 12 months. 

This means that, whilst life insurance is extremely valuable if you become very ill, it will not support your family if you become unwell and are unable to work for a long period.

These are two different types of policy – critical illness provides a lump sum, should you become unwell suffering with a condition that is allowable under your policy terms.

Critical illness covers a broad spectrum of conditions, some of which are not life-limiting but can impact your ability to work. This can include things like heart attacks, losing a limb, or being diagnosed with Alzheimer’s. 

Income protection differs, since it will provide continuous income until you reach retirement age. This means that it is a more stable financial product for long-term income support than the lump sum payable through critical illness cover.

Whether or not you decide that income protection cover is right for you depends on your circumstances, financial flexibility, and how reliant your family are on your income.

Some people feel that their occupation, place of work, or general health is more vulnerable to illness or injury than others, and so income protection provides valuable peace of mind knowing that even if they cannot work, their income will be covered.

There are multiple insurances available to protect you financially if you become unwell. Which policy is right for you depends on multiple factors, and should be chosen carefully to ensure that you are properly protected, and have an affordable policy that provides good value for money.

Critical illness cover, life insurance and income protection all provide cover under different circumstances, so if you would like professional advice to decide which cover, or combination of covers, are best for you, give our friendly team a call today and we will get you insured. 

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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