Protecting your income when you need it most.
If you have an illness or injury that stops you from working, income protection insurance helps to ensure your regular income will continue, thus allowing you to meet your financial commitments without the added financial pressure during an already difficult time.
At My Mortgage Broker, our Colchester-based team works closely with you to find the right income protection insurance that fits your circumstances, giving you peace of mind that your household finances will be protected should you be unable to work. Our team works tirelessly to find you the right critical illness insurance, providing you with the financial security should you become seriously ill.
What is Income Protection Insurance?
Income protection insurance is designed to pay you a regular income should you become unable to work due to an illness or injury. Instead of a lump sum being paid out, this type of protection provides ongoing monthly payments to help you manage your everyday living costs whilst you recover.
Typically, the amount you may receive will be a percentage of your income and can continue until you are able to return to work, the policy ends, or you reach retirement age, depending on the terms of your cover.
Income Protection Insurance can be taken out on its own or alongside other financial protection products, such as life insurance or critical illness cover. If you are unsure whether income protection is right for you, our team is on hand to offer you clear and impartial guidance
Income protection cover benefits
The main benefit of income protection insurance is the regular monthly payment you receive if you are unable to work. This ongoing financial support can help you with a range of financial commitments, which include:
Covering your monthly living costs:
Income protection is designed to help you continue paying your essential household bills, such as utilities, council tax, food costs, and childcare.
Supporting mortgage repayments:
If your income is severely reduced or worse, lost due to illness or injury, income protection insurance can help you maintain your mortgage payments and avoid losing your home.
Long-term financial security:
Unlike short-term insurance policies, income protection can provide you with sustained financial support over a longer period of time, offering reassurance if your recovery takes longer than anticipated.
Peace of mind during recovery:
By removing the financial pressure, income protection gives you the space and time needed to focus on your health and recovery rather than worrying about your income.
Whatever your circumstances, our expert team will help you find the right level of income protection insurance that provides you with reassurance and financial stability when you need it most.
Why Choose My Mortgage Broker
Finding the right income protection, particularly when managing a mortgage or other financial commitments, can feel complex and leave you feeling overwhelmed. This is because many people are unsure how much cover they need or how long it should last.
Our Colchester-based team at My Mortgage Broker takes the time to understand your personal situation, income, and responsibilities before recommending income protection insurance options. With over 16 years of experience, we have helped individuals and families across Colchester and Essex secure income protection from a wide range of providers, ensuring their finances remain protected if they’re unable to work due to an illness or injury.
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Frequently Asked Questions
When should I consider income protection insurance?
There isn’t a best time to consider income protection, and it can be taken at any stage of your working life. However, it is often taken out alongside your mortgage to ensure that your repayments are made.
Can I get income protection if I’m self-employed?
You certainly can, as income protection is available for self-employed individuals. Policies can be tailored to reflect your earnings and working arrangements, although some terms and premiums may vary depending on your profession and your income structure.
However, if you are self-employed and want to take out income protection, our team can talk you through your options and help you find suitable cover.
How is income protection different from critical illness cover?
Income protection provides regular monthly payments if you are unable to work due to an illness or injury, whilst critical illness cover pays a one-off lump sum if you are diagnosed with a specified serious illness. Many people choose to have both, as they generally offer different types of financial support.