What is income protection?

What would you do if you couldn't work due to illness or injury and needed to cover your bills?

Income protection could be the answer. It's like having your own sick pay insurance, providing you with a regular payment – either weekly or monthly – if you're too ill or injured to work. This helps you keep up with financial commitments and living expenses.

This insurance covers a wide range of physical and mental illnesses, as well as injuries that prevent you from working and earning. You decide when the benefit starts after you're unable to work, and it continues until you're able to return to work or until the end of your chosen claim period. It's available for employees, self-employed individuals, contract workers, freelancers, and business owners, with options to customize the coverage.

Some policies even extend coverage to homemakers. Although they may not earn an income, their "unpaid work" like childcare holds value, and this coverage helps cover those costs if they're unable to perform those tasks due to illness or injury.

Apart from financial assistance, income protection policies may offer practical support like physiotherapy and counseling to aid in recovery.

It’s more common for people to miss work for an extended period due to illness or injury than to face a critical illness or other serious events before retirement. As such, income protection should be a key insurance consideration for most individuals. Your advisor can help you explore the available options.

Who is it for?

You should think about getting income protection cover if:

You lack sick pay from your job and don't have enough savings or alternative financial support to fall back on.
Your work sick pay is limited, and you want to ensure coverage in case you're ill or injured for longer than your sick pay lasts.
You prefer not to rely on state benefits like Universal Credit if you become ill or injured.
You have ongoing expenses such as mortgage, rent, or living costs that you would still need to cover if you couldn't work due to illness or injury.
You are a full-time homemaker and want to ensure there's financial support for the tasks you normally handle if you become too ill or injured to manage them yourself.

How can we help?

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What next?

Get expert advice

At Mortgage Mantra, our team of expert advisers carefully assess your personal and financial details to determine your borrowing capacity. They're dedicated to addressing all your inquiries, guiding you through various mortgage options, and assisting you in identifying the most suitable one for your requirements.

Find a property

Navigating the journey to find your dream property can be challenging, and determining an appropriate offer can be even more so. While our advisers are unable to negotiate directly with the estate agent on your behalf, they can offer valuable advice and tips on making an offer. Additionally, your adviser can furnish the estate agent with an Agreement In Principle if needed as proof of your mortgage eligibility.

Make an application

Once the estate agent confirms your offer has been accepted, it is time to apply for your new mortgage. Your adviser will compare all the mortgage products available to you and will recommend the one which is most suitable for your circumstances. They will provide you with a written illustration confirming all the key facts about the recommended product and will carefully talk this through with you.

Get in touch

Email Us

Drop us an email with your requirements and someone from our team will get back to you as soon as possible.

Book an appointment

You have the option to schedule either a video or telephone appointment using our online booking system.

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Call us

Do you have an inquiry or are you interested in scheduling an in-person meeting? Feel free to give us a call, and we'll gladly assist you.

07984528652

The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.

Mortgage Mantra Limited is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Register No 912213. Registered in England and Wales. Registration No: 09554422. Registered Office: Regus, 36 Caldecote Gardens, Bushey, England, WD23 4GP. Calls may be recorded for training and monitoring.

The FCA does not regulate estate agents and for this we act as introducers only.

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Contact

meghal@mortgagemantra.co.uk
079 8452 8652
36 Caldecote Gardens, Bushey, WD23 4GP

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Your property may be repossessed if you do not keep up repayments on your mortgage.

If you have a complaint or dispute with us, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us either in writing, by telephone or email. Please be assured we treat complaints seriously. For your protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS).

Mortgage Mantra Limited is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Register No 912213. Registered in England and Wales. Registration No: 09554422. Registered Office: Regus, 36 Caldecote Gardens, Bushey, England, WD23 4GP. Calls may be recorded for training and monitoring.

To view our Privacy Statement, please click here.

To view our Cookies Statement, please click here.

Income Protection