Income Protection, Designed for Your Peace of Mind
Whether it’s a short-term illness or long-term injury, we’re here to support you in protecting your income and keeping your finances secure.
Income protection
What is income protection insurance?
Your income is your most valuable asset – without it, covering everyday expenses, mortgage payments, and bills can become impossible. Income protection insurance is designed to provide financial support when you’re unable to work due to illness or injury, ensuring you can maintain financial stability during recovery.
With this policy, claimants can receive up to 65% of their monthly salary as a tax-free payment, helping to cover essential living expenses while they focus on getting better.
Why You Need Income Protection
Many people insure their homes, cars, and phones – but what about their salary? If you were unable to work tomorrow, how long could you cover your expenses? Income protection ensures that a sudden illness or accident doesn’t leave you financially exposed.
Flexible Coverage Options:
- Choose how long the insurer will pay out – whether until retirement or for a specified term (e.g., a few years).
- The longer the coverage period, the higher your monthly premiums, but also the greater your financial security.
Want to learn more? Speak to one of Fluent Money’s expert advisors to determine the best level of coverage for your situation.
Isn’t it going to cost a lot?
Costs are dependent on your circumstances, but what happens if you’re off work and relying only on sick pay to cover your mortgage or bills?
I’ll just deal with it later on
Many people think “it won’t happen to me”—until it does. If only I had insurance… don’t let this be something you regret later.
I’ll use savings or work cover
Most people’s savings wouldn’t last more than a few months, and statutory sick pay is unlikely to cover all your expenses. Income protection ensures you have a steady source of income when you need it most.
What Type of Income Protection Insurances Are Available?
Long-Term Income Protection
Provides continuous, tax-free income until you recover or pass away.
Ideal for those seeking maximum security and peace of mind.
Short-Term Income Protection
A more affordable alternative, covering a maximum claim period of 2–5 years.
Requires returning to work to be eligible for subsequent claims.
This Support Can Help Cover the Following
Everyday financial commitments
Clearing outstanding debts
Replacing lost income
Covering medical bills or long-term care
Leaving an Inheritance
Large financial obligations such as mortgages
FAQs
The two types of insurance are similar because they both pay out if you suffer from a serious illness. But there are two main differences. Firstly, a critical illness policy pays out a lump sum on diagnosis of a serious illness, while income protection pays out monthly income if you are unable to work from the illness. Secondly, a critical illness policy only pays out for serious long term conditions covered by the policy i.e. a stroke or cancer diagnosis; whereas income protection will usually also pay out for more everyday conditions like a bad back or depression that stop you from being able to do your job.
Before taking out a policy, it’s worth considering how financially exposed you would be if you lost your income and what financial safety nets you already have in place.
If you’re employed, check with your employer how long your sick pay covers. Some employers will pay sick pay for over 12 months, making income protection less essential. However, still bear in mind the average income protection claim is 4 years!
What rainy day savings do you have to support you if you can’t earn? 2 in 5 households have less than £1,000 in savings and in fact 1 in 5 have no savings at all.
Could your partner financially support the both of you if you’re suddenly unable to work (but also consider what would happen if they lost their job too)? You might be able to claim Government benefits – however, this is unlikely to maintain your lifestyle and you may not be eligible.
For example, Statutory Sick Pay – if you qualify – is only £96.35 a week for up to 28 weeks, whilst in April 2020 the average UK family was spending £63.70 a week on food alone. That doesn’t leave much for other monthly expenses.
If you need help deciding, get in touch and we can help you look at the options available.
Being unable to earn through ill health is something far more likely to happen to you than getting a critical illness or dying. (Why not try out the LV= Risk Reality calculator to see the likelihood of any or all of these things happening to you before you retire?) That’s why the monthly premiums are often higher – as you’re more likely to see the benefits from claiming. That’s one of the reasons why we think income protection represents great value and peace of mind.
There are certain factors that could make your income protection expensive. This could depend on your age, how much of your monthly salary you want to cover, smoker status, or your job, as some jobs are more high-risk than others.
Important to know:
For insurance business we offer products from a range of insurers.
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Why Our Customers Recommend Fluent Money®
We’re one of the UK’s favourite finance brokers. Don’t believe us? See what our customers have to say:
This is the second time I have used Fluent and would definitely recommend them
The process was easy and everyone I have dealt with on both occasions were helpful, polite and efficient. Special thanks to Simon who virtually sorted out a remortgage in a very short space of time and Sam in the insurance dept who managed to get my partner insurance as we had several problems previously. I will not hesitate to contact them again but as they are super efficient they are likely to contact me nearer the time my mortgage needs renewing
I can’t recommend them enough
I have used Fluent for a few years now for mortgage and health insurance purposes. I can’t recommend them enough. I have just competed a remortgage and Thomas and Joseph were super helpful!
I have had a brilliant experience with Fluent Money
I have had a brilliant experience with Fluent Money and the insurance broker James was extremely helpful and experienced his advice and hard work trying to find a suitable insurance premium went above and beyond . Sorry for late review
Amazing service for Mortgage and Insurance!
We’ve recently remortgaged and also reviewed our life and critical illness / income protection insurance and the team at fluent went above and beyond for my family. Alex Townrow, Joseph Moralee, Sam Musk and Andrew Ramsdale were all incredible from start to finish. They reviewed what we needed and provided the best advice to get us the cover we needed for the best price. We’re eternally grateful for the Fluent team for the smooth transition to our new mortgage and insurance providers.
Fluent Mortgages were brilliant from start to finish
From getting the mortgage that was right for me and with advice on the right life insurance and building insurance …professional, friendly and helpful all the way through to completion…they made it so easy…very happy…thank you guys.
