Income Protection Insurance

“Putting plans in place in case you are unable to work due to illness or injury can really help to provide you and your family with financial peace of mind.”

Rebecca Ellison Cert CII (MP)

Mortgage Adviser

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Income protection insurance is a policy that pays out a regular income if you’re unable to work because of injury or illness. An income protection insurance policy will usually pay out until retirement, death or your return to work. It is different from critical illness insurance which pays out a lump sum if you fall seriously ill. Income protection insurance generally doesn’t cover you if you are made unemployed or redundant. It is important to understand that it will only pay out a percentage of your salary that you specify when you take out the policy, usually up to two thirds.

Does everyone need income protection insurance?
What are the key things I need to consider?
Why take professional advice?

Does everyone need income protection insurance?

Not everyone will necessarily need income protection insurance. For example, if your employer has a policy to support staff financially when they are unable to work due to injury or illness, then income protection insurance may not be needed. Also, if you have enough savings to fall back on and you would be prepared to use them to meet your financial commitments if you become ill, then you might decide not to take out income protection insurance. Or if you have a partner who can cover your costs should you become ill then you may not need income protection. The question we would pose to you is whether you could afford not to have insurance in place should you be injured or ill and unable to work. Income protection insurance can be so important to provide financial support for you and your family right when you need it.

What are the key things I need to consider?

If you have any pre existing medical conditions then you will need to disclose these to an insurer as this will affect the risk factor of your policy. If you do have a pre existing medical condition you may just have to pay a little bit more for the policy. You would also need to disclose you family’s medical history as some conditions can be likely inherited. You would to need to tell the insurer if you have any dangerous hobbies and what you do for a job as they may affect your policy.

Income protection insurance doesn’t pay out immediately after you become injured or ill, there is a waiting period, and the longer you are prepared to wait the cheaper the premium can be. These are just a few of the things we would help you to understand before taking out a policy.

Why take professional advice?

At Exchange Wealth Management Mortgages we are experienced and qualified in recommending the best level of income protection insurance for your individual needs. Not all injuries or illnesses are covered so it is worth speaking to a professional to get the most comprehensive cover for you. We search the whole market to get the best cover at the most competitive price.

To get in touch with a member of our independent advice team just fill out our contact form, send us an email or call our office and we will offer you an initial free of charge consultation.

Get in touch with our team of experts

✓ Independent, whole of market financial protection advice

✓ Years of experience in providing life insurance advice

✓ Face to face service in the comfort of your own home

✓ Real life experience of serious illness cover helping families

✓ Appointments in your place of work to explore group schemes

✓ Complimentary review of your current business cover

✓ Excellent customer service proven by client testimonials

✓ Peace of mind arranging your finances through a professional

✓ Confidence that we have explored all options available to you

✓ Promise to recommend policies with an excellent claims service


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