Income Protection

Will your family be safe if you lose your income today?

Income protection is an insurance policy that pays out if you’re unable to work because of injury or illness.

Income protection cover is there to give you, and your family the reassurance of a continued income until you are able to start working again. The peace of mind that comes from knowing that your bills will be paid, and your lifestyle will remain the same, is what income protection cover allows

To speak to one of our team and get your family protected today for tomorrow

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There are currently 1.66 million people in the UK who are unemployed. Source: Trading Economics top reasons are, Cancer 21% and Mental Health 18%

LV
Nov 2016

The average age of an income protection claim for a female is 44 years and 48 years for a male

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Income Protection

If you suffered a critical illness, surely it would help to focus all your energies on recovery,
without the additional worry about your finances?

One route is to take out an Income Protection policy.

This product is designed to pay out a tax-free monthly sum in the event that you are unable to work due to illness or injury. It pays out until you can start working again, or, in some cases, until you retire.

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Each policy will have different conditions, such as cover choices against not being able to work in your own occupation, or any occupation, and you would obviously need to disclose any pre-existing medical issues.

Firstly, you would have to do work out if you would just receive the Statutory Sick Pay of £88.45 a week (paid for up to 28 weeks, if you qualify), or if there are additional benefits from your employer or the state. Once you have an idea of this income stream, you can then decide when you would like your income protection cover to kick-in (called the deferred period). The longer you wait the cheaper the premium will be.

Do be sensible about how much you require until you’re able to return to work (or have retired).

In the same way you wouldn’t need a payout commensurate with buying a new house if the kitchen floods, your potential payout via an income protection policy should be calculated in a similar way (up to a maximum amount). And again, the less you need, the lower the premium.

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The LV= research also showed that almost a quarter of respondents said that their savings would actually run dry after just two months of trying to bridge any income gap.

LV
Nov 2016

Income Protection is a complex product, with a vast array of options, so it’s essential that you take advice from one our experts.

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It’s our first time to use The Mortgage Brain and they did not disappoint! What a brilliant team. They will guide you all throughout the process, which is very helpful to us as first-time buyers. They are quick and responsive to emails, transparent, and very efficient. Amazing customer service. Special thanks to Liam, Kaitlin and Chloe for making all things smooth for us.

The company and the staff are among the very few people I have dealt with whom I won't hesitate to recommend to family and friends. Darren and Laura are always ready to answer any questions and when they are not sure, always try to find it for you. They made my house buying journey so smooth and effortless and for that am grateful. I will recommend them at heart beat.

Really helpful throughout the process of buying our first home. We had no problems and all went smoothly. We also arranged some insurances through them but felt that this part has been less smooth for some of these and we are still waiting for some of these to be sorted. However, when contacting them about this we have always had fairly prompt replies.

Excellent service all round. Sarah listened to my requirement and matched it up perfectly to the proposal she sent across. The price was competitive and beat my existing provider, but still had all the existing benefits and more. She kept me informed at every step of the process and the end to end process from enquiry was speedy and efficient. I can't recommend them enough!

Income Protection

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