Income Protection

Compare hundreds of products to ensure you get the most suitable one for your needs.

Protecting you and your family...

When you organise cover with our team you will get the following benefits:
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Our expert advisors can help you find the best policy from many large providers such as Legal & General, Aviva, Vitality and Scottish Widows. We also have access to solutions from various smaller specialist providers.

No fee to advise & arrange

We don't charge to discuss your requirements; there are no fees for us to research and explain your cover options, we don't even charge to arrange the cover, organise a trust and even write your Will at the same time - no fees whatsoever!

CI Expert

Using our professional comparison tool (CI Expert) we are able to compare not only pricing but also the number of conditions covered and the pay-out definitions of each condition.

Explain products & options

Critical Illness cover, serious illness cover, accident & sickness, income protection - with so many options let us explain each and help you find the right cover for you and your family.

Health based recommendation

When we make a recommendation we take into account your health, family history and lifestyle, this means that when we give you a price, it is less likely to be adjusted following the underwriting process.

Review existing policies

As part of the advice process we always take a look at any existing policies that you have in place and review them to ensure they are the most comprehensive and competitive available.

Free last will & testament

When you take a policy with Dunham McCarthy Mortgages our colleagues at Mylastwill.co.uk are happy to provide a full, legally binding last will and testament without charge - it's all part of the service!

Policies written into trust

To minimise delays and reduce Inheritance Taxes, we can write you policy into a discretionary trust, again no charge!

What is Income Protection?

Income protection, formally known as permanent health insurance, is a policy that pays out if you’re unable to work because of injury or illness.

It differs to critical illness in that it doesn’t pay out one lump sum, its designed to pay you a monthly amount, as a percentage of your income to help with monthly outgoings.

It’s worth understanding that its intended to protect you for a pre – designated period. This could be a short period of 6 months for example, or instead the pay-out could be for many years. Ongoing illnesses or medical conditions would be covered by a critical illness policy.

Income protection will not cover you for redundancy or dismissal from your employment.

Just like Life Insurance or Critical Illness Insurance, Income Protection Insurance takes into account your medical history. However, it also looks closely at what profession you are involved with; the more dangerous your job, the more expensive your cover will be as a result of the risk of you being off work.

What are the types of Income Protection available?

Income protection differed significantly between providers, with many different products, often with confusing names. As mentioned already, it can be referred to as ‘permanent health insurance. In some instances, its also referred to as ‘Long-Term Disability Insurance.’ Many insurers also abbreviate Income Protection Insurance as IP!

Broadly speaking, Income Protection Insurance can be had in the following forms:

Do I need Income Protection?

Unless you can manage on Statutory Sick Pay (presently just £94.25 a week) the answer is yes! As this is seldom enough to cover ones monthly financial commitments. As you will be aware, almost everything in life is money dependent (eating / clothing / heating & utilities). As soon as our income stops our lifestyle, financial stability and well-being is very much at risk.

How much does Income Protection cost?

This very much depends upon your individual circumstances, your health, the type of job you do, the amount you would like to receive each month.

Depending on how much you earn, it’s possible, to pay as little as around £15 a month up to several hundred pounds – depending upon your needs.

You can also ‘index link’ your income protection to take into account future rises in the cost of living, however, this will also make your premiums more expensive.

How much cover can I get?

This will largely depend on the amount you are prepared to pay, for employed people the maximum is often 65% of your monthly income (in some instances 70%). For self-employed people, monthly pay-outs are often calibrated at between 50 to 70% of your pre-tax profit.

The amount you receive will affect your state benefits (the amount of universal credit you are entitled to), however, the monthly sums are tax free.

Does Income Protection always pay out?

In genuine cases, income protection does pay out. The instances that it doesn’t pay out could be down to:

Do I need to put my Income Protection Insurance in a trust?

The simple answer is no, since such a policy has no bearing on life cover benefits and Inheritance Tax (IHT).

Where should I get my Income Protection insurance from?

As with all forms of insurance, there are many providers and types of policy – so much so, that it can be difficult to know quite where to start.

Its always best to get some free impartial advice from a specialist like Dunham McCarthy Mortgages since they already have a considerable market and product knowledge and will know exactly what’s best for your individual circumstances.

Got a Question?

Don’t hesitate to get in touch with us, our friendly team is here to help.​
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The Process

1.

Answer a few simple questions

The first step is to find out a little more about your situation before scheduling a consultation with the most suitable specialist. Appointments are usually available within a few hours or can be scheduled in the future.

2.

Speak with one of our expert advisors

It’s good to talk, and our friendly mortgage team are here to answer your questions. We do not charge for advice so what are you waiting for, book your appointment today.

3.

Let us find you the best deal

Once we understand your goals the final step is for your advisor to research the market and find you the most suitable product.

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