Income protection
Income protection advice
Income protection pays part of your income if you can't work because of illness or injury. It can help cover your mortgage and bills while you recover.
Advice by Charlene McGuire, mortgage and protection adviser with 25 years' experience, based in North Lanarkshire.
Protection policies have terms, conditions and exclusions. Cover depends on the information you give the insurer being accurate and complete.
Key features
- The benefit is usually a percentage of your earnings.
- The deferred period is how long you wait before payments start.
- The benefit period is how long payments can last.
- Occupation definitions decide when you count as unable to work.
Matching cover to your situation
Your employer's sick pay, savings and household budget all affect what deferred period and benefit might suit you. Self-employed people often have no sick pay to rely on.
Local income protection advice
Charlene is based in Muirhead and Chryston in North Lanarkshire and advises clients across Moodiesburn, Gartcosh, Glenboig, Stepps, Cumbernauld, Coatbridge, Airdrie, Glasgow and surrounding areas. Appointments can be face to face locally, or by phone or video if that suits you better.
Common questions
What is a deferred period?
It is the time between stopping work and payments starting, commonly from four weeks to a year. A longer deferred period usually lowers the premium.
How much does income protection pay?
Typically a percentage of your earnings, often around 50% to 70% of your gross income, depending on the insurer and policy.
Is income protection worth it if I'm self-employed?
Self-employed people usually have no sick pay, so income protection can be especially useful. Insurers will look at how your earnings are evidenced.
Ready to talk it through?
Send an enquiry and Charlene will get in touch to understand your plans and explain what the next steps could look like.