Income Protection Insurance
In the event of sickness or an accident, what will happen to your mortgage payments? Income protection insurance can ensure that you receive an income, even if you’re suddenly unable to work.
Income protection insurance will ensure that in the event of sickness or an accident, you will still receive a monthly income to replace a portion of your salary and ease any financial worries.
If you were suddenly unable to work due to sickness or injury, do you know what would happen to your personal finances? Investing in income protection insurance can ensure that if such illness or injury does happen, you will still receive a portion of monthly income to help you through until you are able to return to work, retire, or reach the end of your policy.
We know that dealing with any serious illness or injury can be a difficult and emotional time, so we want to help give you peace of mind that you’ll receive a regular income when you need it most. By using income protection insurance to remove some pressure on your personal finances, you can focus on your recovery and getting back to work. Whether this income will help contribute towards mortgage payments, utility bills, medical treatment, or you and your family’s lifestyle, we will always make sure that your protection has you properly covered.
We collectively have over 100 years of experience in arranging mortgage policies and products, so why not find out a little more about us and how we could help you protect your home and family.Find out more about our team
Income protection insurance is only one way to protect you and your family should the worst happen. Our Protection Guide can provide more information on how to make sure you’re suitably protectedRead our Protection Guide
If you’d like to invest in income protection, find out more information, or if you’re just considering your options for the future, please get in touch today. Our services are always free.Get in touch
“I recently completed a successful remortgage application with Derbyshire Mortgage Services. Despite my being self-employed relatively recently, Michelle guided me through all the paperwork I would need to provide in order to meet lending criteria. She laid out the range of mortgage options and found me a deal that I am very happy with. To top it off, no fee was charged!”Rob
"As a self-employed person, you have made the hardest part of finding a home much easier to say the least. Your advice and expertise has helped to give me a new start. Thank you."Edward
"Your advice and assistance on our house purchase and buy-to-let mortgage has been really appreciated over the last few months. We have felt more at ease knowing we can call on you when needed. We will be in touch for your services when the time arises and will pass on your details to any of our friends who are planning anything in your field."Wayne & Yvette
Income protection insurance typically falls into two types of policies – Permanent Health Insurance (PHI) or Accident, Sickness & Unemployment (ASU) – but the type of policy best suited to you will completely depend on your own personal situation, as well as your budget:
- Permanent Health Insurance: these policies are what is commonly referred to by the term Income Protection, and they will provide a tax-free income in the event that you are unable to work due to illness or injury. The income also won’t be affected by state cuts and will cease once you return to work. Most PHI policies are written to retirement age, but the term is completely your choice and will affect the level of premium you will need to pay.
- Accident, Sickness & Unemployment: these policies were traditionally sold alongside mortgages to allow for mortgage repayments to still be made in the event that the mortgage holder was unable to work due to sickness or injury. ASU policies can be split down, with unemployment cover as an optional extra for an additional premium, and benefits from these policies are usually only paid for a specified time, which is typically 12 months.
If you want more information on other types of insurance and protection, our protection guide is a great place to start. If you would like further information still, or an assessment of your personal situation to understand what insurance products might be best suited to you, one of our expert advisors will always be happy to speak with you. Our help and services are always free.
Income Protection Insurance Help!
Do you have some questions about income protection insurance? You might find the answer here! If you still have further queries, however, please get in touch – it’s always free.
If I have a mortgage, should I have income protection insurance?
Income protection insurance isn’t compulsory for a mortgage, but you need to consider just how you will be able to make your mortgage repayments in the event of any serious illness or injury that means you are unable to work.
If you can’t make your mortgage repayments, your mortgage lender may repossess your home. At an emotional and difficult time, this could be devastating for both you and your loved ones.
Can I get income protection insurance if I don’t have a mortgage?
Yes! Your mortgage is just one of many things in your life that needs protecting. The monthly income you would receive through income protection insurance doesn’t just have to be used for your mortgage repayments. You might find it also helps with utility bills, any other credit commitments, or any medical treatment you may require. It is designed to help ease any financial worries that you may have in the event of illness or injury.
Do I need other insurance?
You will always require buildings insurance as a condition of your mortgage lender, but the amount of contents or additional life cover you choose to invest in is completely your decision.
The amount of protection you invest in should depend on your budget and circumstances. For example, if you are a single person who rents a property, your insurance needs will differ greatly to a family with a mortgage. If you are unsure of the level of protection you need, or want to learn more about different types of protection, feel free to call us for free, or take a look at our Protection Guide.
I’ve had medical problems in the past – will that mean I can’t get income protection insurance?
Previous medical problems can impact the types of cover you can get and at what cost, but it might still be possible for you to get cover, depending on your circumstances. If you are unsure whether you will be able to get life or income protection, please contact one of our expert advisors – they will be able to help assess your situation and let you know what’s available.
When should my cover start?
It’s never a good idea to delay any form of protection. It’s always best to get your cover in place as quickly as possible as you never know what might happen in the future.
Some forms of life and income protection might also take a little more time to put in place than insurance for your home or contents, so it’s best to prepare sooner rather than later.
How do I apply for income protection insurance?
We believe all aspects of mortgages and protection should be as stress and hassle free as possible. We will help you find the right cover for your circumstances and complete the application process for you. Our services are also always free, so we will never charge you for the help we provide.
What information do I need to apply for income protection insurance?
When applying for any level of protection insurance you will need certain documents and details available, including your medical history and existing policy information. For a list of required information, take a look at our Protection Guide. If you have any questions, please don’t hesitate to get in touch with one of our advisors for free.
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