Income Protection
Income Protection: Keep Paying the Bills If You Cannot Work
Your income pays your mortgage. If illness or injury stopped you working, how long could you cover the bills? Income protection pays you a monthly amount while you are off, so your home and family are looked after.
★★★★★ Helping families across Scotland protect their income. Rated 5 stars by 235+ clients on Google.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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Why It Matters
Being Off Work Is More Common Than People Think
Life insurance gets lots of attention, but being off work for months is more common. Income protection is there for that.
- ✓Monthly income: pays a share of your earnings while you cannot work
- ✓Illness or injury: covers physical and mental health conditions, depending on the policy
- ✓Your choice of wait: payments start after a deferred period you pick
- ✓Back to work: it stops when you return or the policy ends
How We Help
How It Works
Five things to understand before you choose.
How Much Is Covered
Usually up to around 50% to 70% of your gross income, depending on the insurer.
The Deferred Period
How long you wait before it pays. Match it to your sick pay to keep costs down.
Short or Long Term
Some policies pay for one or two years per claim. Others pay until you retire or return to work.
Own or Suited Occupation
The definition of being unable to work matters. We will explain the difference.
Review It
As your income, mortgage or family changes, your cover should keep up.
Who Needs It
Is Income Protection Right for You?
If any of these sound like you, it is worth a chat.
Common Questions
Income Protection Questions, Answered
The things people ask us most.
What is income protection?
An insurance policy that pays you a monthly income if illness or injury stops you working.
How much does income protection pay?
Usually a percentage of your gross income, often up to around 50% to 70%, depending on the insurer and policy.
Is income protection worth it?
It depends on your sick pay, savings and commitments. If you could not cover your bills for a few months, it is worth looking at.
What is a deferred period?
The time you must be off work before payments start, for example 4, 13 or 26 weeks.
Does income protection cover mental health?
Many policies do, but it depends on the policy terms. We will check this for you.
Is it the same as mortgage payment protection?
No. Income protection covers your income for any bills. Mortgage payment protection usually only covers the mortgage and for a shorter time.
Related guides
- Do I need life insurance with a mortgage?
- Buying a house in Scotland step by step
- How much can I borrow?
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Protect Your Income
Fill in the form and we will be in touch within one working day. We will look at your sick pay, savings and bills and tell you straight what cover makes sense.