If you could not work, how long could you pay the mortgage?

Income protection pays you a monthly income when illness or injury stops you working. For most people it is the single most useful policy they can hold, and the least sold.

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The gap

Statutory sick pay does not cover a mortgage

Statutory sick pay in the UK is a modest weekly amount, paid for a limited period. Many employers offer more, but full pay usually stops well before a serious illness runs its course, and the self-employed have nothing at all.

Income protection fills that gap. It pays a regular monthly amount, usually between fifty and sixty five percent of your gross income, and it keeps paying until you can work again, until the policy term ends, or until you retire.

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How it is built

Four choices shape the premium

Income protection is the most customisable policy on the market, which is why the advice matters more than the price comparison.

Deferred period

How long you wait before it pays. Match it to your employer sick pay and your savings. A longer wait cuts the premium sharply.

Benefit amount

Usually capped at 50 to 65 percent of gross income. Insurers cap it deliberately so there is always an incentive to return to work.

Own occupation cover

The definition that matters. It pays if you cannot do your own job, not merely any job at all. Always worth insisting on.

Short or full term

Budget policies pay for one or two years per claim. Full term policies keep paying to retirement. The price difference is smaller than you would think.

Who needs it most

The people who feel this hardest

Anyone whose household depends on their earnings, which is nearly everybody with a mortgage.

The self-employedNo sick pay of any kind. If you do not work you do not earn, from day one. This is the group with the largest gap and the lowest take-up.
Single-income householdsIf one salary carries the mortgage, that salary needs insuring. There is no second income to fall back on while you recover.
Anyone with a modest emergency fundThe rough test is how many months you could cover from savings. Under six, income protection is doing serious work.
People who assume critical illness covers itIt does not. Critical illness pays a lump sum for specific listed conditions. Most claims that stop people working are not on that list.

An adviser talking a client through their options

How it works

Getting cover in place

Step 01

Work out the real gap

We start with your employer sick pay, any existing cover and your savings. Often the deferred period can be longer than expected, which cuts the cost.

Step 02

Compare across the market

Definitions vary far more than premiums. We compare the wording that decides whether a claim is paid, not just the monthly price.

Step 03

Underwriting and in force

We handle the medical questions and any GP report, then review the cover at each remortgage as your income and mortgage change.

Good to know

Frequently asked questions

How much does income protection cost?

It depends heavily on your age, your job, whether you smoke, the deferred period and whether you choose short term or full term cover. For many people in office based work it lands somewhere between twenty and fifty pounds a month. Lengthening the deferred period from four weeks to six months can cut the premium substantially.

What is the difference between income protection and critical illness cover?

Income protection pays a monthly income for as long as you are unable to work, whatever the cause. Critical illness pays a single lump sum on diagnosis of a specific listed condition. Back problems and mental health are the two biggest causes of long-term absence in the UK and neither is generally covered by critical illness.

Will it pay out for mental health or back problems?

Yes, in most cases, provided the condition is not a pre-existing one that has been excluded at underwriting. These are among the most common claims. Be completely open at application, because an undisclosed history is exactly what gets a claim declined.

What is a deferred period and which should I pick?

It is the waiting time between being unable to work and the policy starting to pay. Common options are 4, 8, 13, 26 and 52 weeks. Set it to begin roughly when your employer sick pay runs out and your savings would be getting thin.

Can I get it if I am self-employed?

Yes, and you probably need it more than anyone. Insurers will usually base the benefit on your net profit or your drawings, so have two or three years of accounts or tax calculations ready. Newly self-employed applicants can still get cover, though the assessment differs.

Important. Cover is subject to underwriting, the policy terms and the exclusions that apply. If you stop paying premiums the cover will end.

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Find out what cover would cost you

A short, friendly chat is all it takes to see what you could save. No jargon, no pressure, just clear advice.

Book a callback Call 07788 580 360