Income Protection Insurance

Income Protection Insurance is vital to ensure you pay your bills and afford to live if you are unable to work over the long-term. Sick Pay might allow you a short-term respite but usually will not cover more serious illnesses or injuries.

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What is Income Protection Insurance?

Income Protection Insurance is an essential protection plan. It helps you if you are unable to work due to a specific injury or illness. Simple Fast Mortgage is able to advise, not just with your mortgage or equity release, but with getting the right insurance.

Income Protection Insurance (also known as Permanent Health Insurance) is vital. Subject to the specific policy, it pays out when you are unable to work due to injury or illness.

When you are well enough to return to work, able to retire or when you pass away, the payments stop. The policies can run for a long time. Although there are short-term policies that make payments for a limited amount of time. Usually, one to two years.

Simple Fast Mortgage offers both long-term and short-term policies to protect your income.

Contact Us for a free assessment of your protection options.

If you are unwell and are unable to work, then it can be a very worrying time. Keeping the wolf from the door is so much easier if you have a guaranteed income. And not only does it mean that you are able to keep paying the bills, it also means that you have invaluable peace of mind, so that you can concentrate on getting better.

Other common types of protection are Life Insurance, Critical Illness Cover and Home Insurance. See our:

Life Insurance page here: Life Insurance

Critical Illness Cover page here: Critical Illness Cover

Home Insurance page here: Home Insurance

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I Have Sick Pay, Why do I need Income Protection Insurance?

‘If I can claim sick pay, then why do I need insurance?’, you might say. Certainly, you can claim sick pay from some employers. However, only very few employers will support their employee for more than a year if they are off-sick. 

The good news is the insurance can be set to start after your sick pay finishes. This keeps the cost down and ensures you are covered for the long-term.

Hence, everyone of working age should think about protecting their income. It is your lifeline if the worst happens and you are poorly or injured. It can meet your essential bills or living costs whilst you are getting well.

Contact Us to start your insurance application.

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How is Income Protection Insurance Different From Critical Illness Cover?

Income Protection is not the same as Critical Illness CoverCritical Illness Cover pays out a lump sum if you are seriously ill. 

Income Protection Insurance is also not the same as Payment Protection Insurance (PPI) that was mis-sold years ago. PPI covers a specific debt and the payments go to the lender. Whereas the payments from an Income Protection policy go to you. This means that you have control over how to use the money.

Skip to our Critical Illness Cover page here: Critical Illness Cover

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How Much Does Income Protection Insurance Cost?

As with all types of insurance, insurance companies view lots of factors when they decide on the price of your policy. However, unlike some other policies, when you apply to protect your income, you will need to confirm the current state of your health. You will also need to confirm if you are a smoker, as well as the level of cover you need. 

The level of protection that you might need will depend on your profession. This is because some jobs are riskier than others. Insurance companies place certain professions into specific risk classes. For example: 

Class 1

Professional: management roles, administrative roles, computer and other desk or sedentary roles. People who do not need to drive for work.

Class 2

People who drive a lot for work, skilled manual labourors, engineers, florists, retail staff.

Class 3

Skilled manual professionals and semi-skilled workers, like gardening assistants. Professionals in the care industry, plumbers, teachers.

Class 4

Professionals engaged in heavy manual work like builders and mechanics. Unskilled occupations like in the hospitality industry (waiters, bar workers, etc.)

The riskier your job is then the higher your premium will be. This also means it is even more important that you should obtain some cover. Clearly, because it is more likely that you will need to use it.

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If I Make a Claim How Much Will My Income Protection Insurance Pay Me?

If the worst does happen and you need to claim, then you can expect 50 to 70% of your gross annual earnings per year. This is the norm for payments in the industry.

Payments from personal Income Protection Insurance are normally free from income tax.

Contact Us to get a free quote.

Alternatively, the Association of British insurers have a free-to-use income protection calculator here.

Can I Have More Than One Income Protection Insurance policy?

Yes, you can actually have more than one  policy running at once. However, your claim will be limited to a maximum percentage of your income regardless of the number of policies you have.

How Long Do I Need To Be Off Work For Before I Can Claim?

For most Income Protection Insurance policies, you need to be off work for a minimum of 30 days before you can make a claim. This is called the ‘deferred period’. Your advisor will help you with this.

A long deferred period means the policy will cost less.

Contact Us to discuss your options.

I Am Self-Employed, Can I Purchase Income Protection Insurance?

Absolutely! If you are self-employed you do not have any of the traditional employee benefits.

This means you have even more reason to protect your income. Income Protection Insurance gives you peace of mind because you know that you will be financially secure even if you are unable to work due to injury or ill-health.

If you operate through a limited company, your insurance policy could be a tax deductible business expense.

Contact Us to discuss the best option for you.

Similar pages you may find useful:

Life Insurance page here: Life Insurance

Critical Illness Cover page here: Critical Illness Cover

Home Insurance page here: Home Insurance


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