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How does income protection work?
We work with you to tailor the income protection cover to your needs. You might want to protect your mortgage or just help with living expenses. Decide on your budget and the level of protection. Choose to cap the payments for up to two years or replace your full income until you retire. We’ll find the right income protection for you and your family.
What are the Benefits of Income Protection Insurance?
Income protection offers a reliable financial safety net if you're off work due to illness or injury. Instead of a one-off payout, you’ll receive regular monthly payments, usually up to 60–70% of your gross income, until you’re able to return to work, your policy ends, or you retire. Here’s why it’s worth considering:
- Consistent Financial Support. Income protection payments help cover your mortgage, rent, utility bills, groceries, and other day-to-day expenses whilst you recover. This allows you to focus on your health without the added stress of worrying about how to keep up with your financial commitments.
- Tailored to Your Needs. You can customise your policy to suit your situation, choosing how much of your income you want to protect, how long you want the payments to last, and when they should begin. This flexibility means you only pay for the cover you truly need.
- Supports Mental and Physical Health Recovery. Many policies include access to additional services like physiotherapy and counselling, helping you recover more fully and return to work with the right support in place, both physically and emotionally.
- Ideal for the Self-Employed. If you work for yourself, you won’t receive sick pay from an employer. This makes income protection especially valuable, as it ensures you still have a regular income if illness or injury prevents you from working.
- Peace of Mind. Knowing that you’ll continue to receive an income if you’re unable to work due to illness or injury can reduce feelings of stress. You can focus on recovery without worrying about falling behind on bills or jeopardising your long-term financial security.
Income protection helps you stay in control of your finances when illness or injury stops you from working. With regular payments to cover essential outgoings, you can focus on your recovery without the fear of falling behind on bills or compromising your lifestyle. This support allows you to concentrate on getting better, rather than stressing over your bank balance.
What Does Income Protection Insurance Cover?
Income protection covers most illnesses and injuries that stop you from doing your job, whether they’re physical or mental health related. Unlike critical illness insurance, which pays only for specific serious conditions, income protection pays out as long as a medical condition prevents you from working, regardless of the specific diagnosis.
Common reasons for claims include mental health issues such as anxiety and depression, musculoskeletal problems like back or joint pain, and long-term illnesses such as cancer or chronic fatigue syndrome. Whether your condition is sudden or develops over time, if it stops you from doing your job, income protection can step in to provide financial support.
Make sure you check the terms of your policy carefully, as cover can vary between insurers. At Mortgage Matters, we’ll help you understand exactly what’s included, ensuring you choose a policy that provides the protection you need.
FAQs for Income Protection
No, standard income protection policies do not cover redundancy or unemployment. They’re designed to support you if you’re medically unfit to work due to illness or injury. If you’re concerned about losing your job for reasons unrelated to your health, you may want to explore redundancy insurance or unemployment cover, which are separate products.
No, not usually. Most income protection policies are tied to your health and income, rather than your specific job. If your new role has a similar level of risk and your income stays within the same range, you can usually keep your existing policy without needing to reapply. However, it’s a good idea to let your insurer know about any significant changes to your employment - especially if your income increases or if your new role is considered higher risk. This helps ensure your cover remains accurate and valid.
Yes, as your credit score doesn’t usually affect your ability to take out income protection insurance. Insurers are more interested in your health, occupation, and income level than your credit history. However, if you have a history of missed payments on other policies, this could influence how insurers assess your application. Talk to our team at Mortgage Matters - we’ll guide you through the process and help identify the best option for your situation.
Life insurance pays out a lump sum if you die, helping your loved ones cover costs like the mortgage or funeral expenses. Income protection, on the other hand, supports you whilst you’re alive, paying you a regular income if you’re too ill or injured to work. Many people find income protection essential for maintaining their day-to-day finances during their recovery, whereas life insurance focuses on protecting your family’s future financial security.
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You’re in safe hands
Mortgage Matters are proud to be the best choice for your nest. Not only are our mortgage advisors 5-star rated, we're proud to say that our insurance products are also Defaqto 5-star rated too.
