INCOME PROTECTION
What is Income Protection?
- Protect your income if unable to work due to illness or injury
- Can pay out up to 70% of your gross salary
- Short-term and long-term options available
- Cover options to suit every need and budget
Income protection insurance (or income protection) is a type of policy that pays out a percentage of your usual income to help replace lost earnings if you’re unable to work as a result of illness or injury.
The monthly payments you receive can be used to help cover essential costs that your income would usually cover, alleviating financial stress at an already stressful time.
You can take cover out on a short-term (maximum payment between 1 - 5 years) or long-term (payment period could last until retirement) basis.
The option that’s best for you will depend on your personal circumstances and available budget.
Why not use the services of Mortgage Generator to compare quotes from the market?
Taking out cover through a broker, like Mortgage Generator, can help you to secure the best income protection insurance to meet your needs.
Why do I need income protection?
Being unable to work can have a big impact on your finances and it can be hard to make ends meet without your usual earnings.
Anyone who’s worried about what may happen if they were unable to work due to illness or injury may benefit from having income protection insurance in place.
In particular, you may benefit from income protection if you;
- Are Self-employed
- Don't have personal savings
- Don't have another source of income
- Don't receive full sick pay
Why Mortgage Generator for income protection insurance?
- Compare income protection quotes from all major UK providers and smaller specialists
- Help and guidance throughout the whole application process
- Both long-term and short-term policies available
- Financial Conduct Authority (FCA)-regulated service
- Personalized, no-obligation and FREE quotes
- Affordable premiums from just 20p-a-day
How does income protection work?
Income protection insurance works by paying out a percentage of your usual income in the event you become unable to work due to illness or injury.
Typically, up to 70% of your usual income could be paid out, but this can vary between providers.
Rather than a lump sum pay out, you’ll receive monthly (tax-free) installments which can help you to make ends meet while you’re unable to work.
During the application process, you’ll decide on a ‘deferred’ or ‘waiting’ period. This is the period of time after which your payments will commence.
Common waiting periods range from 4 weeks up to 12 months. If you’re still unable to work once your deferred period has come to an end, your payments will begin.