Income Protection Insurance
Providing an income when you can’t work
Getting started with income protection insurance
If an illness, accident or injury stops you from working, income protection insurance provides you with a regular income, helping you keep up with your day to day expenses including your mortgage and related costs. It’s a simple way to protect your repayments and ensure you can remain in your home while you recover.
What is income protection insurance?
Income protection insurance pays you a monthly income if you’re unable to work due to illness, accident or injury. It’s designed to replace a portion of your salary so you can continue to pay for essentials like your mortgage, utilities, groceries, and more.
Here at MFB, our experts can help you secure the appropriate policy that will cover between 50% and 70% of your gross monthly income.
Unlike critical illness cover, which pays out a lump sum for specific conditions, income protection supports you with ongoing payments until you’re well enough to return to work, the end of your policy term or retirement.
What are the benefits of choosing income protection insurance?
There are plenty of reasons to consider income protection:
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We recognise that there’s no one-size-fits-all for your property finance needs. That’s why our team works closely with lenders to find bespoke solutions.
Working with MFB also means you benefit from a team of dedicated, experienced, and qualified professionals committed to finding you the right finance for your property investment plans and supporting your application at every stage.
Our expert teams can help you with:
- BTL Remortgaging
- Mortgages for HMOs and MUFBs
- Commercial investment and owner-occupiers
- Limited Company Borrowing and Incorporation deals
- Short-term property finance
- Homebuyer Mortgages
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How does income protection work?
To make a claim, you’ll typically need to be signed off work by a medical professional. However, remember that policies may not cover pre-existing conditions or certain high-risk occupations, so it’s essential to read the terms carefully and check the details with our experts.
Your policy and the payments kick in after a waiting period, known as a ‘deferred period’. This is usually between 4 and 52 weeks, depending on what you choose when setting up your policy.
Once the payments begin, they’ll typically continue until:
- You’re able to return to work
- Your policy ends
- You reach retirement age (depending on your cover)
Our insurance experts can help you tailor your policy to suit your job, income, and lifestyle, enabling you to receive financial support as soon as you need it.
Do you need income protection insurance?
If you rely on your income to pay for your mortgage and everyday living costs, income protection is worth considering. It’s especially useful if:
- You’re self-employed or don’t receive sick pay from your employer
- You pay your mortgage with your salary
- You want to avoid dipping into savings or relying on benefits
It’s about staying on top of your finances, even when you’re out of work.
How much does income protection insurance cost?
Like all insurance policies, the cost depends on your age, health, job, income, and the level of cover you choose. Generally, the longer your deferred period, the lower your monthly premiums.
Our team can help you compare options and find a policy that fits your budget and needs.
How do I choose the best income protection policy?
There’s no one-size-fits-all answer. The best policy for you depends on your job, income, and how long you can manage without a salary. Some people combine income protection with other types of insurance for broader cover.
We’re here to help you make sense of your options and find the right protection for your future.
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To talk to one of our expert brokers and see what rates you could access, enter your details below and a member of our team will be in touch!
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