Income protection is a type of insurance that pays you a regular income if you're unable to work due to illness or injury. It helps cover essential living costs until you recover, retire, or the policy ends
What it covers:
Replaces part of your income (typically 50–70% of your gross earnings) if you can’t work due to illness or injury.
Pays out regularly (monthly) until:
- You return to work
- You retire
- The policy term ends
Income Protection covers most medical conditions that prevent you from working, including mental health issues, chronic illnesses, and physical injuries.
Who needs it:
Income protection is essential for anyone who relies on their income to cover living expenses and doesn’t have substantial savings or employer sick pay. It’s especially valuable for self-employed individuals, parents, and those with financial dependents.
How to Get Income Protection:
Critical illness cover is often available as a standalone policy or bundled with life insurance.
Here’s how to find the right solution:
- Evaluate Your Needs
- Choose the Right Type of Policy
- Short-term income protection: Pays out for a limited time (e.g., 1–2 years). More affordable.
- Long-term income protection: Pays until you return to work, retire, or the policy ends. More comprehensive.
- Compare Providers
Get Professional Advice
Choosing the right Insurance policy can feel daunting, but you don’t have to do it alone. Speaking with an Insurance advisor can help you understand your options and find a product that fits your budget and long-term plans.
At Morrow, we have expert mortgage advisors who are here to help and find the best solution for you, we work with Insurers across the whole market, so we can compare a wide range of products and help you make an informed decision with confidence.
