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Income Protection Insurance

Income Protection Insurance covers your outgoings if you’re left unable to work due to an accident or illness or if you’re made redundant. It takes away the stress of not being able to pay the bills at a time when you need to focus on your health and wellbeing or on finding a new job.

Income protection insurance replaces part of your income if you’re left unable to work because of illness or injury. There are three main levels of cover you can choose from, which pay out based on your personal situation:

Own occupation: For if you can’t do your own occupation. It would be the right choice if, for example, your job depends on you being physically active and an accident leaves you unable to do your job, although it’s likely to have the highest premium.

Suited occupation: You can’t do your job or a similar one that suits your experience and qualifications.

Any occupation: You’re too ill to do any kind of work at all.

Contact one of our experts today to start a whole of market review to find the most suitable Income Protection Insurance for you.

What is Income Protection Insurance?

Income protection insurance (IPI) protects you and your family against the loss of your income by providing you with a tax-free salary for a specified length of time if you can’t work. This could be because of illness or following an accident, whilst you can also take out income protection in case of redundancy.

You can compare all your options for Income Protection Insurance to make sure you have the right cover for your lifestyle and your circumstances. For example, you can choose between short term income protection, which typically provides cover for between six and 12 months, and long term IPI, which covers you in the event of you being unlikely to work again.

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Benefits Of Speaking To An Advisor

Whole of Market Access

There are many different types of mortgages available, so only looking at deals from one lender means you’re unlikely to end up with the best option. Our mortgage advisors have access to the whole of the market, including products not available from high street lenders.

We Are On Your Side

We work for you not the lender and will act solely in your best interests. You can therefore be confident that the mortgage we recommend will be the best available product to suit your circumstances.

We Do The Hard Work For You

At Your Mortgage Options we leave no stone unturned in our whole of market research. We also handle the whole process end to end, including all the paperwork, solicitors and conveyancing.

We Consider Your Circumstances

We take the time to understand your individual circumstances. This helps us to find the right mortgage that works for you and your family. We will assess all that you can realistically afford and guide you through Your Mortgage Options.

Income Protection Insurance FAQs

Income Protection Insurance can be a lifeline if you choose your cover wisely and ensure it reflects your  personal needs. Exactly like other forms of insurance, such as car and home insurance, the cost of the policy will differ depending on a number of factors, such as your job, the length of time you’ve been in continuous employment, whether you work full time or part time, your residential status and whether or not you are a smoker (including e-cigarettes). As a rule, the lower the cover, the lower the monthly premiums.

When comparing Income Protection Insurance policies, you’ll need to choose between accident and sickness protection only, unemployment protection only or comprehensive income protection, which covers both. Note that, in the event of a successful claim, there might be a deferred or ‘wait’ period before the initial payment is made. This can be from one month to up to a year, so it’s really important to check your policy details to know how long you would have to meet the bills for before the cover provides the benefits.

There are generally three options when it comes to Income Protection Insurance; guaranteed, reviewable and age-related policies.

guaranteed premium will not change unless you make changes to the policy, giving you peace of mind about your monthly payment and often being the cheaper option in the long run.

The price of a reviewable premium can appear attractive initially but it can be reviewed after a set period and is likely to increase in the long term. Again, age-related premiums might seem cheap to start with but will rise each year, so make sure you know from the beginning what future charges will look like.

Speaking to an expert earlier on in the application process gives us more opportunity to help you look across the whole of the market and to carefully assess your situation to find the right cover for your individual circumstances.

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