Income Protection

Income protection provides you with an income if you are unable to work due to illness, ensuring that you receive financial support until you are fit to return to your job. This coverage offers you the reassurance that your family’s lifestyle can be sustained even during times of illness when you are unable to earn.

Find answers to your most pressing questions about our protection planning services and process. The information provided in these FAQs does not constitute professional financial advice. We strongly recommend that you consult a professional adviser before proceeding with a financial transaction.

Is it worth getting income protection?
It depends on whether you currently have income protection and the extent of your coverage; if you are unable to work due to an illness or accident, your employer may provide a certain level of sick pay for a limited duration. However, even when employers offer sick pay, most employees transition to Statutory Sick Pay within six months, and very few employers can support you for more than a year if you are unable to work due to illness. If your income ceases, you could quickly find yourself struggling to pay essential household bills like your mortgage, rent, and utilities. This situation is particularly challenging for self-employed individuals, as there are no sick pay provisions they can rely on.
What does income protection not cover?
Income protection is intended to provide you with a steady income if you are unable to work due to illness or an accident, but it does not offer coverage for job loss or redundancy.
How long does income protection pay out for?
Some policies can provide lower premiums if you choose to restrict the benefit payment duration to two to five years. In contrast, a comprehensive income protection policy will continue to pay out until you are fit to return to work or until your retirement, whichever comes first. If you find yourself unable to perform your previous job due to an illness or accident, a comprehensive policy may also offer supplemental income to help close the gap between your current earnings and your previous salary.
Is income protection better than critical illness insurance?
Critical illness insurance and income protection insurance serve vital but distinct roles in safeguarding your financial well-being and that of your loved ones. Ideally, securing both types of coverage is the best approach, provided it fits within your budget. If cost is a concern, opting for a combination of both, even in smaller amounts, can still offer valuable protection.
Can I have two income protection policies?
The maximum amount you can protect with income protection insurance typically ranges from 50 to 65 percent of your income across all your policies, with the exact limit varying by insurer. If you find yourself insured for more than this upper limit through multiple policies, be aware that your insurer or insurers may restrict the payout you receive in the event of a claim. In cases where your employer’s sick pay policy provides a full salary for a period followed by reduced pay, such as six months at full pay followed by six months at half pay, you might consider utilizing two separate income protection policies. It is advisable for each policy to have a distinct deferred period, ensuring you maintain a consistent income level throughout your time away from work.
What tax do I pay on income protection insurance?
For a personal income protection policy, you cannot deduct premiums from your taxes; however, the benefit payments you receive are completely tax-free. Keep in mind that this tax treatment may vary based on your individual circumstances and could change in the future.

Get Expert Advice Today

Embark on your path to a brighter financial future with a complimentary consultation at Fintegrity. Our dedicated team specialises in personalised financial planning that demystifies complex issues, enabling you to make confident decisions. We are committed to your success. Reach out to us today.

Neil Jenkins, Financial Planning Expert

At Fintegrity, we believe that income protection insurance is not just a policy; it’s a safety net that empowers you to face the future confidently. Our expert team will work closely with you to understand your unique circumstances, ensuring you have tailored coverage that meets your financial needs and protects your income against unforeseen challenges. With our friendly and professional approach, we aim to demystify the complexities of income protection, helping you make informed decisions that safeguard your lifestyle and provide peace of mind for you and your loved ones. We’d like to guide you in securing a brighter financial future where you can thrive, no matter what life throws your way.

Why Choose Fintegrity

Our services are designed to provide peace of mind and financial security for you and your loved ones.

Personalised Approach

We tailor our strategies to meet your unique financial situation and goals.

Experienced Advisors

Our dedicated team comprises highly skilled professionals with a wealth of experience in financial planning.

Proactive Planning

We emphasise innovative strategies designed to enhance your investment performance while effectively reducing the burden of taxes.

Transparent Communication

We ensure clear and straightforward communication, keeping you informed every step of the way.

What Our Clients Say

Get Expert Advice Today

Embark on your path to a brighter financial future with a complimentary consultation at Fintegrity. Our dedicated team specialises in personalised financial planning that demystifies complex issues, enabling you to make confident decisions. We are committed to your success. Reach out to us today.

Neil Jenkins owner of Fintegrity

Expert financial planning advice is essential for securing your future in a world of financial change. Whether managing investments, planning for retirement, or providing financial security for your family, professional guidance can help you make informed decisions aligned with your goals, giving you the confidence to enjoy life, knowing your financial health is in capable hands.

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