Income Protection

Falling ill or becoming injured during your working life is not something you want to imagine. Let alone worrying about how you are going to provide for your loved ones. This can feel particularly worrying if you have a marital partner or children (or both). But, income protection insurance can provide a lifeline for those unfortunate events that you cannot predict.

Income protection insurance is designed to protect you in the event that a serious illness or injury is preventing you from earning an income.Once you claim, income protection pays out regular payments to your bank account, mimicking the likes of a salary payment. These payments ensure that you can continue to receive a regular income until you are able to start working again or until you retire.

Income protection is different to most other forms of insurance, as it will pay out as many times as you need it to until the policy runs out. However, the payments are not issued to you straight away, there is usually a waiting period in which you are expected to use sick pay from your employer. This can be beneficial as the longer you wait for the payments, the lower your monthly premiums will be.

Do I Need Income Protection Insurance?

There are so many insurance options to consider, it’s difficult to know which ones are worth it. But, it all comes down to your personal preference and circumstance, what’s right for one person may not be right for another.

If you’re pondering over income protection insurance, it’s worth taking a moment to consider your life without any income – because sick pay doesn’t last forever. Even if you don’t have people that depend on you, you still have bills and mortgage payments that need to paid on time each month, and without an income, how will you do it?

It’s worth noting that not everyone is entitled to sick pay, especially if you are self-employed. If you are employed by someone else, you should check with your employer if you have the option to take sick pay, as depending on the severity of your illness or injury, this may sway you away from the idea of income protection.

According to the Association of British Insurers (ABI), 6.6m households would see their income fall by more than half if the principal earner left work – something that could be avoided with income protection cover..

How much cover do I need?

This can depend on your aims for the policy, your current expenditure and also if you would be in receipt of any employer benefits. Plans will not be able to pay out if you are in receipt of full sick pay from your employer for example. We would tailor the plan to tie in with this so that this could not happen.

It is likely that we would look to cover as much as your income as possible, but depending on your overall protection solution it may be recommendable to purely cover your essential outgoings.

Your Regal Finance Group expert will be able to run through your budget with you and recommend the most suitable level of cover.

What is the deferred period?

The deferred period is the pre-agreed period of time that must elapse between putting in a claim and the benefit being paid. A longer deferred period will result in a lower premium. Your deferred period can be from as short as 1 month up to 13 months with most insurers.

If for example you receive 3 months full pay from your employer then we would look at your Income Protection paying out at the end of this period.

How can I make my plan cheaper?

Less cover is less expensive, and a longer deferred period does reduce the premium. There are also some ‘budget’ option plans available that will pay out for a maximum of 24 months rather than ceasing at plan expiry, return to work or in the event of death. These can prove to be very valuable within an overall solution to your protection needs.

How Much Does Income Protection Insurance Cost?

The exact amount you pay for income protection insurance will depend on your personal circumstances, but there are a few factors that can influence the cost of your income protection premiums.

  • Being a smoker is likely to increase the price of your premiums because smoking can increase the likelihood of illness, making you more of a risk to an insurer.
  • Depending on the type of job you do, your premiums can be higher than average, particularly if your job is deemed ‘dangerous’ (e.g. if you are a scaffolder). This is because the chances of you becoming injured are much higher than those in a low-risk job.
Dan Churchouse
Dan Churchouse
We used Regal for our recently completed house purchase. The mortgage was a relatively complex arrangement given it consisted of two parts (a result of porting over the terms of an existing mortgage and adding additional debt on new terms) but Matthew Graves and Kirsti Newman were very clear in their articulation, making it easily digestible and allowing me to factor into monthly affordability. They were also speedy in their responses and clearly not biased to any one provider. I feel safe in the knowledge that I ended up with the best deal available and would highly recommend their services.
Taylor Joanne
Taylor Joanne
Excellent and professional service. Everything was handled and dealt with quickly.
Sue Vecchione
Sue Vecchione
Well worth the fee. Mortgage sorted in less than 48 hours. Fantastic service with great communication. Much recommended 😀
Harry Jackson
Harry Jackson
Matthew, Kirsti and Katie were all really helpful. Made sure that, as first time buyers, we understood everything that was going on and were always there to help if we needed them to. 100% would recommend you use them!
Michael Clarke
Michael Clarke
Karen and Kirsti have been invaluable in helping us through the mortgage application process for our first home. We would thoroughly recommend their services - it has saved us a lot of stress! Swift and considerate guidance and support throughout the process.
Ioana Tomut
Ioana Tomut
We have worked with Karen and are extremely happy with how she handled our account. This was the second time we have attempted to buy our first house and we have worked with another mortgage advisor before. While both were excellent in terms of service and communication, Karen's suggestions for solicitors and survey were significantly cheaper to what we were quoted last time. I greatly recommend them.
R Findlay
R Findlay
Thank you very much to Richard at Regal Finance for making our first home purchase run as smoothly as possible. Richard was available to provide us advice throughout the whole process and I would highly recommend using Richard at Regal Finance Group!
Sarah Carter
Sarah Carter
Absolutely brilliant! Alwasy go over and above and feel thoroughly looked after. Highly recommend.
Joe Alsford
Joe Alsford
I can not speak highly enough of the service I received from Richard Powers at Regal. Gave excellent clear advice, continually negotiating the best deal available. Went above and beyond, fantastic to have in your corner in what can be a stressful process!
Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!


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    What Makes Income Protection Different?

    Income protection insurance can often be mistaken for critical illness cover as they are both based on insurance in the event of illness or injury, however, there are a few distinct differences:

    • Income protection does not pay out as a lump sum, instead, regular payments are made to mimic the salary you would have originally received from work.
    • You can claim as many times as you like with income protection (for as long as the policy lasts), even if you have already received a payment from a previous injury.

    Income protection insurance is extremely worthwhile if you become seriously ill or injured and even if you are currently fit and well, you cannot predict what the future will hold – it’s better to be safe than sorry.

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    Step 1

    Complete an enquiry form and an advisor will call you back.


    Step 2

    Send us the documents we need.


    Step 3

    Receive a Decision in Principle from one of our lending panel.

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