Income Protection

Income Protection insurance pays you a regular income if you're unable to work due to illness or disability. It continues until you return to work or reach retirement, depending on your policy. You might also hear it referred to as Permanent Health Insurance.

Income Protection won't replace your full salary, but it's designed to give you a stable level of financial support while you're unable to work. Most policies pay between 50% and 70% of your usual gross income. This is because payments are tax-free and may take into account any state benefits you're entitled to. You won't usually receive payments straight away. Most policies include a deferred period, which can range from four weeks up to two years. This delay is designed to align with any sick pay from your employer or Statutory Sick Pay, which can cover you for up to 28 weeks. It's also worth noting that Income Protection is different from other types of illness cover, such as Critical Illness Cover, which pays a one-off lump sum if you're diagnosed with a specified serious condition. Comparing these options with a local independent advisor can help you decide which type of protection best suits your needs.

This will depend on your personal circumstances, we provide a complimentary free initial insurance review for all our clients, facilitated by our expert mortgage advisors in Grimsby and Southend-on sea. We carefully assess your personal and financial circumstances to determine the need and suitability of Income Protection. This review takes into account factors such as lifestyle, age, and medical history, all of which influence monthly premiums. It is advisable to evaluate both overall expenses and coverage, particularly if you already have other policies in place.