What is income protection?

11th August 2020

In these unprecedented times that we are currently facing, it’s normal to be concerned about illnesses striking or accidents happening. If you lost your income, would you struggle to pay your mortgage repayments, bills or any other expenses that you have? Income protection can offer you and your family the security that you’re looking for.

Income protection covers you against aunty kind of accident or illness that prevent you from working, either long term or short term. It provides you with a regular tax-free monthly income, depending on your individual circumstances. These certain factors may include your age, the type of job you have, your health/any pre-existing medical conditions, the percentage of the income you would like covered as well as when you would like the policy to end.

So, do you need income protection?

According to the ABI, each year one million people in the UK find themselves unable to work due to a serious illness or injury. Income protection is something worth thinking about if you feel that you may not be able to meet your financial commitments due to an inability to work.

Some people assume they don’t need income protection insurance as they have sick pay through their employer. If you do, it’s worth looking over your contract as you may be covered for the short term, and not long term such as six months or more.

When it comes to income protection, there are options available to suit your needs. If you’re worried about not being able to work due to illness, an accident or if you lost your job, we can assist with a Defaqto 5-star rated income protection policy that will ensure you’re able to keep up with your mortgage payments, living expenses and other regular outgoings.

We have access to a great range of first-class insurance protection for every individual and can quote for a suitable level of income protection that’ll give you complete peace of mind, without breaking the bank. These options range from short-term income protection policies that will pay out for up to two years to long-term policies that will give you a regular income until you’re well enough to get back to work or until your policy ends.


To speak to one of our Mortgage & Protection Advisers, please call us on 08454 500200, visit www.chartersfinancialservices.co.uk or email hello@chartersfinancialservices.co.uk.


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March 2020

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