Income Protection Insurance
What is income protection insurance?
Income protection insurance is a policy that is designed to support you during periods of unemployment, rehabilitation or sickness. Claimants can receive a monthly payment of up to 60% of their monthly salary. It provides great peace of mind and certainty that you’ll continue to receive a regular income to pay for living expenses. For more information about income protection, please contact one of our advisors. They can talk you through the level of coverage required for your circumstance. You can decide how long the insurer will pay out for, for example until you retire or for a certain number of years. The longer the cover period the more the monthly premiums you’ll pay.
Income protection insurance keeps your finances secure if you cannot work. Find out how our advisors can help you.
Income protection insurance helps you stay safe if you cannot work due to a long period of sickness. This insurance provides you with a significant percentage of your yearly earnings, helping you stay clear of any debt, mortgage, or other financial issues. This option is highly recommended if you’re the sole earner in a household.
Our advisors are here to help you find the right policy and rates for your situation. We’ll advise on the right solutions for you, to help keep your finances safe going forward.
Why Use Insurance Brokers from Prestige Mortgage Solutions?
We’re dedicated to finding the solution for your needs.
We’ll offer you a no-obligation consultation to discuss your needs
Tailored advice based upon your circumstances and budget
We’ll provide you with a range of options regarding your situation.
Do I Need Income Protection Insurance?
Income protection insurance covers the loss of work due to illness that has resulted in a significant loss of earnings. This insurance will cover you from 12 months to retirement depending on your plan set up while you recover.
This is usually the solution to consider if you’re responsible for all or most of the household income. Our advisors will make sure you get the right advice for your circumstances.
What is income protection insurance and how does it work?
Income protection insurance is a policy designed to support you financially during periods when you can't work due to sickness, rehabilitation, or unemployment. Instead of a lump sum, it pays a regular monthly amount — up to 60% of your monthly salary — giving you certainty that you can keep covering living expenses, your mortgage, and other commitments while you recover.
How much of my salary will income protection cover?
Claimants can typically receive up to 60% of their monthly salary as a regular payment. The exact level of cover depends on the policy you choose, and our advisors will help you work out the right amount for your circumstances so your essential outgoings are protected without paying for cover you don't need.
How long will income protection insurance pay out for?
That's up to you when setting up the policy. Cover can pay out for anywhere from 12 months up to your retirement age, depending on the plan you choose. Bear in mind that the longer the cover period, the higher your monthly premiums will be — we'll help you find the right balance between protection and affordability.
Who needs income protection insurance the most?
It's highly recommended if you're the sole or main earner in your household, since a long period off work could quickly lead to debt, missed mortgage payments, or other financial issues. It's also worth serious consideration for the self-employed, who don't have employer sick pay to fall back on.
What's the difference between income protection and critical illness cover?
Income protection pays a regular monthly income while you're unable to work through illness or injury, for as long as your policy allows. Critical illness cover pays a one-off lump sum if you're diagnosed with a specified serious condition. They serve different purposes and can work well together — our advisors can explain which suits your situation, or whether combining them makes sense.
How much does income protection insurance cost?
Premiums depend on factors like your age, health, occupation, the percentage of income covered, how long the policy pays out for, and the "deferred period" before payments begin. We offer a free, no-obligation consultation and will compare a range of options tailored to your circumstances and budget. As with all insurance policies, conditions and exclusions apply.