Income Protection Insurance If You Can't Work
Statutory sick pay doesn’t stretch far. This is about helping to make sure a health setback doesn’t become a financial one too.
Should you fail to disclose or misrepresent a fact, then you risk the insurer only paying part of the claim, declining to pay all the claim and possibly declaring the policy invalid.
What Happens If You Can't Work Tomorrow?
If illness or injury stopped you working tomorrow, how long could you cover your mortgage without your usual income? Income protection replaces part of that income for as long as you’re unable to work.
Taylor-Brown Financial advises on income protection insurance for employed, self-employed and contractor clients, covering both short-term and long-term policies.
How Much Income Would You Actually Need to Replace?
We’ll look at your outgoings, your mortgage, and any existing sick pay or savings, particularly important if you’re self-employed or on a contract, where there’s no employer safety net to fall back on.
Income Protection vs Critical Illness Cover, What's the Difference?
They’re often talked about in the same breath, and it’s easy to assume that having one means you don’t need the other. In practice, each is built to answer a different question: is money coming in every month if you’re unable to earn, or is there a lump sum the moment you’re diagnosed? Here’s how the two actually compare.
Income protection
Pays a regular monthly income, triggered by any illness or injury that stops you working, and continues for as long as you can’t work, up to the end of your policy.
Critical illness cover
Pays a single tax-free lump sum, but only on diagnosis of a specific, named condition covered by your policy. Many people benefit from having both.
Executive income protection
A version of income protection arranged through a limited company rather than personally, often available to directors who can’t get standard income protection through an employer. Premiums are usually paid by the business and treated as an allowable expense, and cover can typically be higher than a personal policy would allow.
Speedy, friendly and thorough.
A personalised and highly professional service is provided through Taylor-Brown Financial, through which Michael has expertly guided me with several home re-mortgages over the past five years and in various insurance policies.
Working Out What You Need
Taylor-Brown Financial takes a holistic view on income protection too, including providers genuinely comfortable with self-employed and contract income. Here’s how we work out the right level of cover for you.
We look at your income
and outgoings
To work out what level of cover makes sense.
We compare providers
across the market
Including those comfortable with self-employed or contract income.
You get a clear
recommendation
Explained honestly, including what it would and wouldn’t cover.
Why Clients Trust Us With Income Protection
Specialist Providers
Comparisons across providers genuinely comfortable with self-employed and contract income.
Cover That Fits
Cover based on your real outgoings, not a generic percentage of salary.
Honest
An honest comparison with critical illness cover, so you’re not left holding the wrong policy for your situation.
Protection That Evolves
Reviewed alongside your mortgage and wider protection as circumstances change.
Have You Considered Other Cover?
Income protection replaces part of your income, typically 50-70%, whereas critical illness cover adds a tax-free lump sum on diagnosis. The two work well together, covering different needs, so it’s worth understanding both before deciding.
Frequently Asked Questions
Is income protection insurance worth it?
For most people with a mortgage and limited savings to fall back on, yes. It replaces a meaningful portion of your income for as long as you’re unable to work, which is exactly the gap statutory sick pay doesn’t cover.
Can self-employed people get income protection?
Yes, and it’s often more important for the self-employed, since there’s no employer sick pay to rely on if you’re unable to work.
Does income protection cover redundancy?
Standard policies cover illness and injury, not redundancy, though some optional add-ons exist, worth checking what applies to your situation.
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Want to Know What You'd Actually Be Covered For?
Book a no-obligation initial consultation and find out how income protection would work for your specific situation.