Income protection Insurance for Homeowners
A practical way to keep your home and lifestyle when ill health stops you working.
When work stops, but bills don't
Sometimes, we take the big things for granted - and a regular income can be one. Income protection is for the days you didn't expect. It pays you a monthly income if you can't to work due to illness or injury. As a homeowner, this can help you stay on top of everyday living costs - and keep the roof over your head.
Home is your haven - don't risk it
When you've invested in your own place, protecting it is a top priority. Here's why income protection is especially useful for homeowners:
- Mortgage peace of mind
If you rely on your income to pay your mortgage, being off work could spell trouble. Income protection can cover up to 70% of your earnings, helping you keep up with payments and avoid falling into arrears until you're ready to come back to work. - Flexibility for life's real costs
Income protection doesn't just cover your mortgage - it supports your lifestyle. From utility bills to food shopping, the right policy means you're not forced to choose what counts as essential outgoings.
What to look for in a policy
Choosing the right cover depends on your job, income, and how much of a safety net you already have. Here's what to keep in mind:
- Deferred period options
This is the wait period after stopping work and before the policy starts paying out. A shorter period means faster financial support - but it usually comes with higher premiums. - Own occupation vs. any occupation
Policies that cover you for your own occupation offer better protection. This means you'll receive payouts if you can't do your specific job - for example, teaching yoga - rather than any job.
Summing up
Income protection gives you breathing room when life gets tough. As a homeowner, it's a smart way to safeguard your home and keep your lifestyle steady when health issues affect your income. The right policy can give you confidence, knowing that your biggest asset - your home - is better protected.
Frequently Asked Questions
Is income protection the same as critical illness cover?
No, they're different types of insurance. Income protection gives you a monthly income if you're unable to work due to most illnesses or injuries, whether short- or long-term. Critical illness insurance pays a one-time lump sum if you're diagnosed with a specific serious condition, such as cancer, heart disease, or Parkinson's. Many people choose to have both for full coverage.
Is income protection the same as critical illness cover?
No, they're different types of insurance. Income protection gives you a monthly income if you're unable to work due to most illnesses or injuries, whether short- or long-term. Critical illness insurance pays a one-time lump sum if you're diagnosed with a specific serious condition, such as cancer, heart disease, or Parkinson's. Many people choose to have both for full coverage.
Is income protection the same as critical illness cover?
No, they're different types of insurance. Income protection gives you a monthly income if you're unable to work due to most illnesses or injuries, whether short- or long-term. Critical illness insurance pays a one-time lump sum if you're diagnosed with a specific serious condition, such as cancer, heart disease, or Parkinson's. Many people choose to have both for full coverage.
Is income protection the same as critical illness cover?
No, they're different types of insurance. Income protection gives you a monthly income if you're unable to work due to most illnesses or injuries, whether short- or long-term. Critical illness insurance pays a one-time lump sum if you're diagnosed with a specific serious condition, such as cancer, heart disease, or Parkinson's. Many people choose to have both for full coverage.
Can I get income protection if I'm self-employed?
Yes, and many self-employed feel they need income protection due to the lack of employer sick pay or statutory sick pay. Income protection can provide that missing financial cushion. You'll typically be asked to show to show proof of your income, such as tax returns or annual accounts, to set the right level of cover.
Can I get income protection if I'm self-employed?
Yes, and many self-employed feel they need income protection due to the lack of employer sick pay or statutory sick pay. Income protection can provide that missing financial cushion. You'll typically be asked to show to show proof of your income, such as tax returns or annual accounts, to set the right level of cover.
Can I get income protection if I'm self-employed?
Yes, and many self-employed feel they need income protection due to the lack of employer sick pay or statutory sick pay. Income protection can provide that missing financial cushion. You'll typically be asked to show to show proof of your income, such as tax returns or annual accounts, to set the right level of cover.
Can I get income protection if I'm self-employed?
Yes, and many self-employed feel they need income protection due to the lack of employer sick pay or statutory sick pay. Income protection can provide that missing financial cushion. You'll typically be asked to show to show proof of your income, such as tax returns or annual accounts, to set the right level of cover.
How much does it cost each month?
The monthly cost depends on factors like your age, job, health, and how long you choose to wait before the policy starts paying out (the deferred period). Shorter waiting periods and longer benefits tend to cost more. On average, premiums might range from £10 to £60 per month, but it's best to compare quotes tailored to your individual circumstances.
How much does it cost each month?
The monthly cost depends on factors like your age, job, health, and how long you choose to wait before the policy starts paying out (the deferred period). Shorter waiting periods and longer benefits tend to cost more. On average, premiums might range from £10 to £60 per month, but it's best to compare quotes tailored to your individual circumstances.
How much does it cost each month?
The monthly cost depends on factors like your age, job, health, and how long you choose to wait before the policy starts paying out (the deferred period). Shorter waiting periods and longer benefits tend to cost more. On average, premiums might range from £10 to £60 per month, but it's best to compare quotes tailored to your individual circumstances.
How much does it cost each month?
The monthly cost depends on factors like your age, job, health, and how long you choose to wait before the policy starts paying out (the deferred period). Shorter waiting periods and longer benefits tend to cost more. On average, premiums might range from £10 to £60 per month, but it's best to compare quotes tailored to your individual circumstances.
Does income protection cover redundancy?
Standard income protection doesn't cover job loss due to redundancy - it's designed to support you when you fall ill or get injured for a long period. But some insurers offer extra unemployment cover that you can add on for redundancy support. It's always important to read the policy terms or speak with a specialist to be sure.
Does income protection cover redundancy?
Standard income protection doesn't cover job loss due to redundancy - it's designed to support you when you fall ill or get injured for a long period. But some insurers offer extra unemployment cover that you can add on for redundancy support. It's always important to read the policy terms or speak with a specialist to be sure.
Does income protection cover redundancy?
Standard income protection doesn't cover job loss due to redundancy - it's designed to support you when you fall ill or get injured for a long period. But some insurers offer extra unemployment cover that you can add on for redundancy support. It's always important to read the policy terms or speak with a specialist to be sure.
How long does it pay out for?
That depends on whether you choose short-term or long-term cover. Short-term policies usually pay for a year or two per claim, while long-term plans can pay out until you recover, retire, or the policy end date (whichever comes first). Long-term policies cost more but offer far more financial security if you're off work for a while.
How long does it pay out for?
That depends on whether you choose short-term or long-term cover. Short-term policies usually pay for a year or two per claim, while long-term plans can pay out until you recover, retire, or the policy end date (whichever comes first). Long-term policies cost more but offer far more financial security if you're off work for a while.
How long does it pay out for?
That depends on whether you choose short-term or long-term cover. Short-term policies usually pay for a year or two per claim, while long-term plans can pay out until you recover, retire, or the policy end date (whichever comes first). Long-term policies cost more but offer far more financial security if you're off work for a while.
How long does it pay out for?
That depends on whether you choose short-term or long-term cover. Short-term policies usually pay for a year or two per claim, while long-term plans can pay out until you recover, retire, or the policy end date (whichever comes first). Long-term policies cost more but offer far more financial security if you're off work for a while.
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