Income Protection

What is Income Protection?

Income protection is designed to support you financially if you’re unable to work due to illness or injury. We’ll help you understand how it works, when people consider it, and whether it’s relevant for your situation.

Income protection is a type of insurance that provides a regular monthly payment if you’re unable to work because of illness or injury. It’s designed to replace a portion of your income, helping you keep up with essential outgoings such as your mortgage, bills, and day-to-day living costs.

Income protection doesn’t cover redundancy, and it doesn’t pay out for every short-term illness. Policies vary in how long they pay out for and how long you wait before payments begin.

People often consider income protection when they take on a mortgage, become more financially independent, or move into self-employment. It’s about maintaining stability rather than planning for worst-case scenarios.

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Who is it for?

Income protection can be useful in a range of situations. You might consider it if:

  • You rely on your income to pay a mortgage or rent
  • You’re self-employed or have limited sick pay
  • Your household depends on one main income
  • You’d struggle to cover bills if you couldn’t work
  • You want longer-term financial resilience

Not everyone needs income protection, and policies can be tailored to suit different working arrangements and budgets.

How The Mortgage Heroes help

We provide income protection advice, focused on clarity and suitability.

We’ll explain how different policies work, what’s optional, and what may or may not be relevant to you. There’s no obligation to proceed, and no expectation that you arrange cover just because you’re taking mortgage advice.

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FAQs

  • Do I need income protection if I have sick pay?

    It depends on how generous and how long your sick pay lasts. Many employers offer limited cover, which may not be enough to support long-term illness. We’ll help you assess whether your existing arrangements provide sufficient protection.

  • How much income does income protection cover?

    Most policies cover a percentage of your income rather than the full amount. The exact level depends on your earnings and the insurer’s rules. We’ll explain what’s realistic and how this fits with your monthly commitments.

  • When do income protection payments start?

    Policies include a waiting period, often called a deferred period, before payments begin. This can range from weeks to months. Choosing the right waiting period helps balance cost and practicality.

  • How long does income protection pay out for?

    Some policies pay for a fixed period, while others continue until you return to work or reach retirement age. We’ll explain the differences and help you understand which option suits your circumstances.

  • Is income protection only for self-employed people?

    No. While it’s particularly relevant for the self-employed, employed people also use income protection, especially if their sick pay is limited or short-term.

  • Can I change my policy if my circumstances change?

    Often, yes. Many policies allow adjustments if your income or working arrangements change. We’ll explain how flexible different options are before you commit.