Income protection
Income Protection if you could not work
If illness or injury stopped you working, how long could you keep paying the bills? Income protection may pay a regular monthly amount to help you cover your costs.
Talk to TonyAt a glance
- May pay a monthly benefit if illness or injury stops you working
- Usually pays a proportion of your income
- Can last until you return to work, retire, or the policy ends
What is income protection?
Income protection is a policy that may pay a regular monthly income if you cannot work because of illness or injury. Benefits normally start after a waiting period you choose, known as the deferred period.
Who it may suit
Everyone's situation is different, but these are some of the people who often look at this kind of cover.
How it works with Tony
Good to know
- Benefits are usually a proportion of your income, not the full amount.
- A longer deferred period generally means lower premiums, but you wait longer for payments to start.
- The definition of being unable to work varies between policies, so it is worth checking the detail.
- Cover ends if you stop paying premiums, and health and occupation affect the price and terms.
Meet your adviser
Hi, I'm Tony Flynn
I'm a mortgage and protection adviser based in Carluke, helping people across Lanarkshire and Scotland.
I've spent 15+ years in finance and have been named Mortgage Professional of the Year at the Prestige Awards Scotland five years in a row. I'll explain your options in plain English so you know exactly where you stand.
Income Protection questions
How much income protection can I get?
Insurers usually limit cover to a proportion of your income. The amount depends on your earnings and circumstances.
What is a deferred period?
It is the waiting time before payments start after you stop working. You choose it when setting up the policy, and it affects the premium.
Can self-employed people get income protection?
Yes, many providers offer cover for the self-employed. Tony can talk through what may suit your situation.
How is it different from critical illness cover?
Income protection pays a regular monthly benefit while you cannot work. Critical illness pays a lump sum on diagnosis of a listed condition.
Will it pay out for any illness?
Policies differ, so it is important to understand what is covered and any exclusions before you buy.
Ready to talk it through?
A quick chat with Tony is a good first step. No jargon, no pressure.
Talk to Tony