Do I Need Income Protection?

6 December 2021

Here is a simple exercise to see if you really need to protect your income:

1- Work out if you can afford to live without your income. If your income stops because you can no longer work due illness or injury, how will you cope financially? If you can’t afford to live without your income then it is important to explore ways to protect this. Income Protection Insurance may be the answer.

How much is my income worth?

Calculate how much you will earn before you retire. A 35 year old earning £35000 per year will earn over £1million before retirement. You may be surprised at the results. Your income may be the most valuable thing that you have. It’s important to look at ways of protecting your income.

What happens to my mortgage if my income stops?

If you can not pay your mortgage payments due to loss of income then this will ultimately lead to repossession of your home. Remember that your mortgage is just one of your household costs. Income protection can cover you for more than this and include all of your monthly expenses.

How does income protection work?

If you can’t work due to any health or medical reason then your policy will pay you a monthly tax free income until you return to work or until the end of the policy. This can be planned to kick in when your employer sick pay finishes. So if you get 6 months employee sick pay benefit then the policy will be set up to start paying you after 6 months of absence.

Get a quote and advice:

Income protection cover is generally affordable and good value. To get a quote and full advice please enter your request below:

By completing this form you will receive a phone call from our mortgage adviser who will be able to provide you with a full quotation and advice.

Now that you have filled in this form why not find out more about us?

What we do:

Search from a comprehensive range of insurance providers for the best options available to you
Offer completely unbiased protection advice
Home buyer mortgages
Remortgages
Buy to let mortgages
Equity release – expert advice for later life borrowing
Life insurance

What we don’t do:

Pay your mortgage – if you do not keep up on your mortgage repayments, your home may be repossessed.

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