Income Insurance Advice

What is Income Insurance?

Income insurance is commonly referred to as income protection, and is a policy that provides financial support in the case that you’re unable to work due to illness or injury. Most income insurance policies pay a monthly benefit to cover essential living costs, helping you maintain your lifestyle and meet commitments like mortgage payments or bills. At Boon Brokers, our fee-free, whole-of-market advice can find the right income protection that is tailored to you.

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How Does Income Protection Insurance Work?

Standard income protection insurance will pay out a portion of your income if you’re unable to work due to illness or injury. After a waiting period, it pays regular, tax-free monthly benefits to cover essential living costs until you can return to work. At Boon Brokers, our expert insurance advisers can guide you through how income protection works, different policies, and help you find and tailor a policy to your needs.

Who Needs Income Protection Insurance?

Income protection is specifically important for anyone relying on a steady income, particularly self-employed workers or those without statutory sick pay. It provides financial security if illness or injury prevents you from working, helping you maintain your lifestyle, pay bills, and cover mortgage repayments.

How Much Income Protection Cover Do I Need?

The right level of cover will wholly depend on your personal circumstances. From monthly expenses, income, occupation, and any other financial support you may have. At Boon Brokers, our expert advisers will listen and assess your situation to find a policy that balances adequate protection with affordability, making sure that your financial safety is covered if the unexpected happens.

What Is a Deferred Period in Income Protection Insurance?

The deferred period is the time between when you stop working and when your income protection payments begin. This timeframe can range from 4 weeks to several months, and selecting the right period impacts both your premiums and payout. To ensure that you get the protection that matches your needs, our expert advisers will help you choose a period that fits your financial situation and budget.

Can I Get Income Protection With a Pre-Existing Medical Condition?

Yes, many insurers offer income protection policies for pre-existing health conditions. While premiums may be higher or certain exclusions may apply, Boon Brokers’ whole-of-market advisers can identify providers willing to accommodate your medical history, helping you secure the best possible cover.

How Do You Compare Income Protection Policies?

Working with a trusted whole-of-market broker - like Boon Brokers - is the best way to compare policies from a wide range of UK insurers. We will focus on waiting periods, payout limits, exclusions, and coverage terms, all to ensure you get the best income protection policy suited to your income and lifestyle.

How Long Does It Take to Arrange Income Protection?

Most applications will only take a few days to be completed. Naturally, more complex cases or specific policy types can take longer.

Is Statutory Sick Pay Enough to Pay a Mortgage?

No, statutory sick pay (SSP) in the UK is often not enough to cover your full mortgage payments and everyday living costs. SSP is designed to provide a fixed weekly amount for a limited period, which may fall short if your mortgage is high or your income is essential for household bills. By securing an income protection policy, you can help bridge this gap, ensuring your mortgage and other essential expenses are covered if you are unable to work due to illness or injury.

Can I Rely on My Company Benefits?

Company sick pay or other workplace benefits can help provide some financial support, however, they are often limited in duration and may not cover your full salary. It is also worth noting that even the most comprehensive workplace benefits can be removed at any time by employers. If you leave your employer, are made redundant, or otherwise lose your job, these benefits won’t come with you and can risk leaving financial gaps if your illness or injury lasts longer than expected. An income protection policy offers a flexible, long-term solution that can be tailored to your exact needs, helping protect your income and your mortgage when you need it most.