Income Protection
Your ability to earn an income is one of your most valuable financial assets. If illness or injury prevented you from working, how would you continue to pay your mortgage, household bills and everyday expenses?
Income protection is designed to provide financial support when you're unable to work, helping you maintain financial stability while you focus on recovery.
At Moveo Mortgages, we help clients understand their options and consider whether income protection could form an important part of their wider financial planning.
Income Protection at a Glance
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Provides a regular monthly benefit if illness prevents you from working
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Particularly valuable for self-employed applicants
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Can help cover mortgage repayments and household bills
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Designed to support you while you recover
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Flexible policy options available
Protecting Your Income, Lifestyle and Financial Future
For most people, their ability to earn an income is their most valuable financial asset.
Your income helps pay for:
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Your mortgage
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Household bills
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Food and living expenses
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Childcare
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Savings and investments
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Everyday lifestyle costs
But what would happen if illness or injury prevented you from working for weeks, months or even years?
Income protection is designed to provide financial support when you are unable to work due to illness or injury, helping you maintain financial stability while you focus on recovery.
At Moveo Mortgages, we help clients understand how income protection works and whether it may be appropriate as part of their wider financial planning.
Move forward with Moveo.
What Is Income Protection?
Income protection is a type of insurance designed to pay a regular monthly benefit if illness or injury prevents you from working.
Unlike life insurance, which pays out when you die, income protection is designed to support you while you are alive and unable to earn your usual income.
Depending on the policy and circumstances, payments may continue until:
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You return to work
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The policy term ends
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Retirement age is reached
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The maximum claim period expires
Income protection is often considered one of the most valuable forms of personal financial protection because it protects the thing that makes many other financial goals possible — your income.
Why Is Income Protection Important?
Many households depend on a regular income to meet their financial commitments.
Without that income, it can become difficult to maintain:
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Mortgage repayments
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Rent payments
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Household bills
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Family expenses
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Existing financial commitments
While some people may receive support from employers or savings, many find that these resources would not provide long-term financial security.
Income protection can help bridge that gap.
How Does Income Protection Work?
If you're unable to work because of illness or injury, you may be able to make a claim on your policy.
After a chosen waiting period, known as the deferred period, the insurer may begin making monthly payments based on the terms of the policy.
Policies vary, but they typically allow you to choose:
The Level of Cover
Usually based on a percentage of your income.
The Deferred Period
Common options include:
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4 weeks
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8 weeks
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13 weeks
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26 weeks
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52 weeks
The Benefit Period
How long the policy will pay out if you're unable to work.
Income Protection and Your Mortgage
For many homeowners, their mortgage is their largest monthly financial commitment.
If illness prevents you from working, mortgage repayments still need to be made.
Income protection can help provide ongoing financial support that may assist with:
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Mortgage payments
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Household expenses
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Essential bills
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Family living costs
Many clients explore income protection when arranging:
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Moving Home Mortgages
Income Protection for Self-Employed Applicants
Self-employed professionals often have fewer safety nets than employed workers.
Many business owners do not receive:
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Employer sick pay
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Company sickness benefits
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Workplace protection schemes
As a result, illness can have a direct impact on both personal and business finances.
Income protection can be particularly valuable for:
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Sole traders
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Freelancers
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Consultants
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Partnerships
Learn more about Self-Employed Mortgages.
Income Protection for Contractors
Contractors often rely on consistent work and contract income.
Periods away from work due to illness can quickly affect earnings.
Many contractors choose to review their protection arrangements alongside their mortgage planning.
Our Contractor Mortgages page explains how contractors can secure mortgage solutions tailored to their circumstances.
Income Protection for Company Directors
Company directors often have complex income structures.
Many directors are responsible not only for their own income but also for employees, business operations and long-term financial commitments.
Income protection can form an important part of a wider financial planning strategy.
Many clients exploring Limited Company Director Mortgages also choose to review their protection arrangements.
Income Protection for Families
For many families, one or two incomes support the household.
If illness prevents a parent from working, financial pressure can quickly increase.
Income protection can help provide reassurance that there may be ongoing financial support during periods of illness or injury.
This can be particularly important for families with:
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Young children
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Large mortgages
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Significant financial commitments
Income Protection vs Critical Illness Cover
These products are often confused, but they serve different purposes.
Income Protection
Provides a regular monthly income if illness or injury prevents you from working.
Critical Illness Cover
Typically provides a lump sum payment if you're diagnosed with a specified serious illness covered by the policy.
Learn more through Critical Illness Cover.
Many people choose to combine both forms of protection.
Income Protection vs Life Insurance
Life insurance and income protection also serve different purposes.
Life Insurance
Pays a lump sum if you die during the policy term.
Income Protection
Provides financial support while you're alive but unable to work.
Learn more about Life Insurance.
Who Should Consider Income Protection?
Income protection may be worth considering if you:
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Have a mortgage
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Support a family
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Are self-employed
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Work as a contractor
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Run a business
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Have limited savings
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Depend on your income to meet financial commitments
The suitability of any protection product depends on your circumstances and objectives.
Frequently Asked Questions
Is income protection worth it?
Many people consider income protection valuable because it protects their ability to earn an income.
The suitability of cover depends on your individual circumstances.
How much income protection can I get?
The amount available depends on factors such as your income and the insurer's criteria.
Does income protection cover redundancy?
Most income protection policies cover illness and injury rather than redundancy.
Policy terms vary.
Can self-employed people get income protection?
Yes. Income protection is often particularly valuable for self-employed applicants who may not have access to employer sick pay.
Can contractors get income protection?
Yes. Many contractors choose income protection to help provide financial support if illness prevents them from working.
How long does income protection pay out for?
This depends on the policy selected. Some policies provide short-term benefits while others may continue until retirement age.
Is income protection tax free?
Benefits are often paid tax free when premiums are paid personally, but individual circumstances vary.
Professional advice may be appropriate.
Can I have life insurance and income protection?
Yes. Many people choose to combine multiple forms of protection as part of a wider financial plan.
Why Choose Moveo Mortgages?
At Moveo Mortgages, we believe protection should be considered alongside your mortgage rather than as an afterthought.
We help clients understand:
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How different protection products work
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The potential risks they may wish to consider
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How protection may fit into their wider financial planning
Our goal is to provide straightforward guidance that helps you make informed decisions.
Related Mortgage Services
Related Protection Services
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Critical Illness Cover
Speak to Moveo Mortgages
Whether you're arranging a mortgage, reviewing your existing protection arrangements or simply exploring your options, we're here to help.
We can help you understand how income protection works and whether it may be suitable for your circumstances.
Contact Moveo Mortgages today to discuss your mortgage and protection needs.
