Income Protection

Income protection is an insurance policy paying benefits to the policyholder who is unable to work due to an illness or accident. The policy pays out weekly or monthly.

The amount of cover required is based on an approximate level of spending for an individual or family. The state provides a very low benefit; therefore an income protection policy supplies an income to cover those financial commitments such as mortgage, food, utility bills and travel.

Most providers determine a benefit as a percentage to the total annual income i.e. 70% of £25,000; the provider will offer £17,500. Providers could offer less or more pending their own criteria. Please speak to one of our advisers for more information.

A deferred or a waiting period is assigned with the policy I.e. 4 weeks or 13 weeks (an individual sick pay received by employers can determine the deferred period).

Advantages of Income protection in comparison to Accident Sickness Unemployment policy:

  • The maximum benefit is likely to be higher
  • The benefit is generally payable for a much longer period
  • Income protection is usually cheaper

Long term sickness is something we prefer not to think about; 131 million days were lost due to sickness absences in the UK in 2013  (source- office of National statistics Feb 2014). Please speak to one of our advisers for more information on income protection.

We Know Mortgages Ltd have access to a limited number of insurers for Income Protection Insurance. We can source the most suitable products at competitive prices. Speak to one of our experts. We are based in Manchester city centre.

If you would like a quote for income protection, please click here and submit your details.

Protection plans with no investment link will have no cash in value at any time. If premiums are not maintained then cover will lapse.